Eyal Peretz is adding 480 apartments to an area just west of Fort Lauderdale’s Flagler Village.
His Fuse Group submitted plans for an eight-story building that will rise at 640 Northwest Seventh Avenue, or the northeast corner of Sistrunk Boulevard and Northwest Seventh Avenue. The Arcadian project will also include 48 apartments with affordable rents; 15,000 square feet of retail and restaurant space; a 600-space garage and courtyard, according to a company release and rendering.
City administration gave final site plan approval this week, so the project is ready to move forward, Peretz confirmed in an email. In August, the Fort Lauderdale Development Review Committee greenlit The Arcadian, although the board imposed some conditions. The administrative approval granted on Monday means these kinks were straightened out.
Fuse assembled 4.4 acres, which encompasses the development site, in several deals in 2018 and 2019 for a combined $9.8 million, according to records. The properties include the full city block between Sistrunk and Northwest Seventh Street, and between Northwest Seventh and Sixth avenues, as well as two vacant lots immediately to the east. It’s unclear if The Arcadian will span the entire 4.4 acres.
Fuse is developing the project with Krea USA, a sister company to Casa Krea, a Mexico-based development firm.
Javier Font of Behar Font & Partners is the architect.
The Arcadian will rise in Fort Lauderdale’s Historic Sistrunk District. The neighborhood is considered the heart of Black culture and history in the city and is largely home to residences, mom-and-pop stores and churches, according to the Fort Lauderdale Community Redevelopment Agency’s website.
Construction is expected to start in the middle of next year.
Fuse Group, which is based in Fort Lauderdale, bought downtown Miami’s Security Building, an office tower at 117 Northeast First Avenue by purchasing the note that had been under foreclosure and then resolving the lawsuit filed by the lender against the previous owner. Fuse is led by Peretz and Shimon Elkabetz.
The city’s urban core, including the nearby Flagler Village, has caught multifamily developers’ eyes in recent years.
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This month, Midtown Capital Partners and Prospect Real Estate Group paid $9.4 million for the development site at 4 Northwest Seventh Street where the pair plan a 12-story, 173-unit apartment project.
Also this month, Raimundo Onetto’s Alta Developers paid $20.8 million for the property at 100 Southwest Sixth Street, with plans to build a 35-story apartment tower with 400 units.