Downtown Miami is full of shiny new condo towers, but Downtown Fort Lauderdale is the land of the rental tower. There’s Icon Las Olas. There’s the New River Yacht Club. Then of course just to the north of Broward Boulevard, Flagler Village is incredibly rental-driven. Yet another one has hit the floor, this time south of the New River, with an expected groundbreaking of Q4 2018. So, late next year. Check it out:
Silverback Development and Bizzi & Partners to Co-Develop
$125-Million Luxury Residential Tower in Fort Lauderdale
Rental Project Marks Bizzi & Partner’s Second South Florida Project
FORT LAUDERDALE, Fla. (Jan. 09, 2018) — Silverback Development, a forward-thinking real estate organization specializing in the creation of distinctive urban properties, today announced that it has partnered with global real estate firm Bizzi & Partners Development to purchase a five-block assemblage at 100 SW 6th Street in Fort Lauderdale. The joint venture will realize a $125-million luxury rental mixed-use project named New River Central. The partnership paid $12 million to acquire the property, which is located in downtown Fort Lauderdale.
“Our team is really excited be embarking on our first project in the booming South Florida market,” said Josh Schuster, managing principal of Silverback Development. “We look forward to delivering a world-class residential building to Fort Lauderdale’s rapidly transforming downtown neighborhood.”
This development marks Bizzi & Partners’ second project in South Florida, following Eighty Seven Park, designed by Pritzker Prize-winning architect Renzo Piano. The firm is currently developing several high-profile projects globally including Milanosesto, a $4.5 billion, 10 million square-foot mixed-use project in Milan; a 70-story, 1,000-foot-tall tower at 125 Greenwich overlooking the World Trade Center Complex; and a collaboration with Renzo Piano at 565 Broome in New York’s SoHo neighborhood.
“With New River Central, we are creating a unique product in one of the most desirable residential markets in South Florida,” said Steven Della Salla, managing principal of Bizzi & Partners Development. “Since launching, Silverback has proven to be one of the most innovative development firms in the industry, and we couldn’t be more pleased to partner with them to bring a residential building of this caliber to market. “Fort Lauderdale is undergoing a major transformation and we look forward to working with Silverback Development to bring a state-of-the-art, luxury building to what is now the fastest growing rental market in the country”
New River Central will be a 35-story tower featuring 401 luxury rental residences with 5,500 square feet of retail space, 20,000 square feet of amenities and a nine-story parking structure with 477 spaces in the heart of downtown Fort Lauderdale. In recent years the area has seen unprecedented growth as both a tourist destination and a 24-7 “work, live, play” urban center with its proximity to downtown Miami and Port Everglade – the number one seaport in Florida. The development of New River Central will spark the next phase of the evolution of the neighborhood, which has bloomed with the continued proliferation of retail and dining and entertainment offerings, particularly along Las Olas Boulevard.
Silverback Development and Bizzi & Partners expect to break ground on the development in Q4 2018.