Moderno Development Group and 75Invest won site plan approval in Fort Lauderdale for Art Lofts, a 26-story apartment tower with 265 apartments, including 43 workforce housing units.
Miami-based Moderno affiliates paid $6.7 million to assemble the six-parcel development site, about a block south of the New River and just west of the Brightline railroad track.
The 43 workforce housing units at Art Lofts would be reserved for tenants who collect up to 120 percent of the area median income in Broward County, or nearly $100,000. Area median income in Broward was $81,488 in 2024, according to the U.S. Census Bureau.
From 2018 to 2021, Moderno affiliates assembled the ArtHaus development site at 500, 510, 512 and 514 Southwest Third Avenue and at 501 and 503 Southwest Second Avenue in Fort Lauderdale, according to property records. Moderno Development Group is led by Doron Broman, founder and CEO, and Eyal Sapir, partner and director of real estate development. Sacha Touret is the founder and CEO of Aventura-based 75Invest.
Designed by Dorsky + Yue Architecture, Art Lofts would have a seven-story podium parking garage with 315 spaces, and an eighth-floor amenity deck with a pool, lounge and co-working space. The mixed-use building also would have nearly 4,700 square feet of commercial space.
Art Lofts is smaller than an earlier version of a planned multifamily development, which had a different name, 500 Art Lofts. In the spring of 2024, Moderno and 75Invest Group previously had planned the development as a 27-story rental building with 290 apartments, including 71 workforce housing units.
The developers also had previously planned to advance the larger version of the development under the state’s Live Local Act, which allows municipal administrative approval of a multifamily development without a city commission review, if the development includes workforce or affordable housing units with below-market rents.
The Fort Lauderdale City Commission voted unanimously Tuesday night to approve the site plan for 26-story, 265-unit Art Lofts development.
Moderno and Gaia Real Estate Holdings launched the first $150 million phase of a fund called MILAS to purchase and renovate or rebuild about 400 single-family homes and townhouses in Miami’s urban core.
The firms plan to rent out the acquired properties for a monthly range of $4,000 to $7,000, focusing on areas with limited new supply. A second $150 million phase of the fund is planned for next year.
