Brooklyn-based developer Dependable Equities is moving forward with its plans for an 1,100-unit luxury rental project in Fort Lauderdale, the latest multifamily proposal in the Broward County city where thousands of apartments are already in the pipeline.
The firm, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinksy, went before the city’s Development Review Committee late last month with plans for a massive mixed-use project at 300 Northeast Third Avenue. The developer expects to break ground within a year on a 1.5-million-square-foot development, dubbed Ombelle, with two 43-story towers, according to a spokesperson for ODA, the architecture firm designing the project.
Dependable Equities paid $27 million for the 1.9-acre assemblage in November, records show. It’s just outside of Flagler Village, an artsy neighborhood where multifamily development has boomed in recent years.
Renderings of 300 Northeast Third Avenue (ODA)
ODA, led by founder Eran Chen, designed the Ombelle project to include 75,000 square feet of amenities, about 11,000 square feet of ground-floor retail and restaurants and an urban plaza. Amenities will include two pools, a garden, a spa, a work lounge, an outdoor bar and chef’s kitchen, a game room, library, private dining room and a gym with a spin room, dance and yoga studios.
Renderings of 300 Northeast Third Avenue (ODA)
The approvals process could take about seven months, the spokesperson said.
Multifamily development is rampant across South Florida, and Fort Lauderdale is no exception. Developers are betting on continued rent and population growth, as well as low vacancy rates, as they pursue new apartment projects.
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Nearby, multifamily giants Aimco and the Kushner Companies partnered on a planned development at 200, 300 and 520 West Broward Boulevard, closing on the assemblage earlier this year for $49 million. The four-tower project, also designed by ODA, would have apartments, retail, office and hotel components. Aimco, which owns 51 percent of the joint venture, reported in its first quarter earnings that it’s in contract to sell one of the parcels for $18.3 million. Woodfield Investments sought site plan approval in May for a 41-story, 462-unit tower at 520 West Broward Boulevard.
Renderings of 300 Northeast Third Avenue (ODA)
In a separate deal, publicly traded, Denver-based Aimco said it is in contract to pay $100 million for a nine-acre development site in Flagler Village that allows for up to 1,500 apartments.
The owner of the upscale Galleria Fort Lauderdale mall is now proposing at least 1,900 multifamily units on parts of the 42-acre property at 2414 East Sunrise Boulevard.
Renderings of 300 Northeast Third Avenue (ODA)