Ocean Land’s Jean Francois Roy with rendering of Sixth & Rio (Ocean Land Investments)
Ocean Land Investments ideas to launch apartment product sales of Sixth & Rio, a boutique residential creating that was prepared as rentals.
Fort Lauderdale-primarily based Ocean Land, led by founder and CEO Jean Francois Roy, stated that construction expenditures for the 94-unit developing were being 40 percent increased than originally priced. That prompted the switch to condos for the project prepared for 501 Southeast Sixth Avenue in Fort Lauderdale, as did demand from customers for luxurious condos in the region.
Developers have been grappling with soaring development and insurance coverage costs, which could keep on to rise adhering to Hurricane Ian.
The waterfront Sixth & Rio growth will mark the to start with new rental undertaking in the Rio Vista neighborhood in more than a 10 years. It was earlier termed Aviva on the River and is on the south bank of the New River.
Compass was tapped to guide income, claimed Beth Butler, Southeast regional head of the brokerage. Models will begin in the $900,000s and go up to extra than $2 million. The challenge will contain one- to a few-bedroom condos and four townhouses facing Smoker Spouse and children Park. The condos will selection from about 900 sq. toes to 2,300 square toes, with the bulk two- and three-bedroom models, Roy mentioned.
The product sales staff includes Peter Barkin Joanna Berg, who recently worked on gross sales at Aurora in Sunny Isles Beach and the developer’s daughter, Stephanie Roy, Butler reported. They’ll concentrate on consumers who are downsizing, more youthful buyers looking for new condos in the neighborhood and individuals outpriced by rents, which she claimed are now about $4 per square foot.
The condos, which will be shipped completed with Sub-Zero and Wolf appliances, will be confined to rentals of at least three-months — which means quick-expression rentals won’t be permitted. The constructing will contain a rooftop swimming pool and cabanas, a exercise centre, co-performing area, and a cafe/cafe.
Ocean Land could split floor on Sixth & Rio in the 1st or second quarter of upcoming calendar year and complete the constructing inside of 20 months of groundbreaking, Roy mentioned.
Ocean Land compensated $11.3 million for the previous Edgewater Property condo in July of last yr and later demolished the developing. Trammell Crow was earlier in agreement to purchase the web-site but unsuccessful to protected acceptance for a considerably taller, 21-story tower, on the residence. It’s across the drinking water from Icon Las Olas, the Related Group’s luxurious rental tower.
Although couple new jobs have been accomplished in Rio Vista, developers have been focusing on downtown Fort Lauderdale. Extra than 40 projects with 15,000 condos and rental models are in the performs downtown, introducing to countless numbers of other individuals that have been developed in excess of the earlier quite a few yrs.
In between 2015 and 2018, Ocean Land finished boutique household jobs AquaBlu, AquaVue, AquaMar, AquaLuna and AquaVita. The business also created Trump Hollywood with Connected Team in 2007, and the Ritz-Carlton Residences Singer Island, a 242-unit condominium with two 27-tale towers in Riviera Beach front.
