Meyers Accesso plans a 200-unit apartment project in Fort Lauderdale’s Cypress Creek neighborhood.
Meyers Accesso, a joint venture between Aventura-based Meyers Group and Hallandale Beach-based Accesso, wants to develop the eight-story Avery Cypress Creek at 6210-6282 North Andrews Avenue, according to records and Meyers’ website.
An entity tied to Meyers Accesso bought the 2.2-acre development site from Double Mountain Development Ventures, led by co-founders and co-CEOs Fred Burgess and Jack Flechner, according to records. The buyer borrowed $1.6 million for the site from Miami-based Sky 18 Capital.
Dave Preston and Jonathan Carter of Colliers represented the seller.
Avery Cypress Creek will consist of one- and two-bedroom apartments, Meyers’ website shows.
The site is in Uptown Urban Village, an area Fort Lauderdale officials and property owners have long targeted for more mixed-use development. The district is from McNab Road and the C-14 canal south to Northwest 57th Street, and from I-95 west to Powerline Road.
In 2019, Fort Lauderdale approved the master plan for the Uptown Urban Village.
Since then, several developers have seized on the area. Grover Corlew is developing the 312-unit Mayla Cypress apartment project at 6261 Northwest Sixth Way. Last year, Fairfield Residential completed the seven-story, 295-unit Treo Apartments at 6500 North Andrews Avenue.
Also, Pinnacle wants to develop an affordable housing project with a 100-unit building and a 96-unit building at 6250 North Andrews Avenue, according to Fort Lauderdale city records.
Meyers Accesso’s other South Florida projects include the 200-unit Avery Lake Worth with two buildings completed last year at 3300 Boutwell Road in Lake Worth Beach. Last year, the joint venture paid $25 million for the three-story Atrium at Broken Sound office building at 6111 Northwest Broken Sound Parkway in Boca Raton.
The Meyers Accesso joint venture was formed in 2022, according to Meyers’ website.
Meyers Group, led by CEO Alan Losada, is a developer and manager of market-rate and affordable apartments, as well as hotels and condominiums, according to its website. The firm was founded about a decade ago by the late Stuart I. Meyers, who died this summer at 83.
Many of Meyers’ multifamily projects are under its Avery brand. The firm develops much of its affordable housing by using low income housing tax credits, which are disbursed by the state.
Accesso –– led by Ariel Bentata, Moises Benzaquen and Claudio Dombey –– was founded more than 20 years ago and has since owned and managed over $3.3 billion in properties, more than 18 million square feet of offices and more than 1,000 residential units nationwide, according to its website.
In January, Accesso paid $36.5 million for the six-story Sawgrass Lake Center at 13450 West Sunrise Boulevard in Sunrise. The deal marked a 36.4 percent discount from the property’s 2018 sale price.
In Chicago and Houston, Accesso has faced some headwinds and financial woes for its office holdings.
South Florida’s multifamily market has calmed compared with the leasing and construction bonanza during the pandemic. Over the past year, slower in-migration and an oversupply of apartments have led to a drop in rents, slower leaseups and increased concessions.
Developers starting projects now argue demand and rents will pick up again by the time they complete their buildings next year and in 2027.
Also in Fort Lauderdale, Affiliated Development scored an $80 million construction loan in March for the eight-story The Era with 400 apartments at 2125 South Andrews Avenue. And Fuse Group is developing the eight-story Arcadian complex with 480 apartments and 15,000 square feet of retail at 640 Northwest Seventh Avenue.
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