From remaining: Prospect Actual Estate Group’s Michele Zahn and Richard Zahn Sr., Midtown Cash Partners’ Alejandro Velez, and a rendering of the prepared Flagler Village condominium venture (Baker Barrios Architects, Prospect Real Estate Group, Midtown Cash Associates)
Midtown Capital Associates and Prospect Authentic Estate Group are earning their 2nd wager on Flagler Village’s multifamily sector.
The developers prepare to develop a 173-unit undertaking with approximately 4,000 sq. ft of retail on the northwest corner of the Florida East Coast Railway tracks and Sistrunk Boulevard in Fort Lauderdale, Midtown’s Zach Fox explained. Midtown and Prospect paid $9.4 million for the 1.3-acre growth web site at 4 Northwest Seventh Avenue.
Levy Ft Lauderdale Holding, led by Joshua Levy, marketed the web page that now is an automotive junkyard, records show. The entity had paid out $600,000 for the residence in 2011.
Jaime Sturgis and Dan Ross of Indigenous Realty represented Levy Ft Lauderdale in the newest deal that closed on Tuesday.
Midtown and Prospect prepare a 12-tale constructing with models ranging from studios to a few-bed room residences, as very well as stay-function units, Fox explained. Development is anticipated to begin early up coming year, with completion slated for late 2024.
Less than three months ago, Midtown and Prospect scored a $64.5 million construction bank loan for their initial joint Flagler Village condominium task.
They are making the 12-tale, 252-device Advantis Station at 600-618 Northeast Third Avenue, much less than a 50 %-mile walk from their new job. Building of Advantis Station is envisioned to be completed in the drop of 2024.
Midtown, a Miami-primarily based genuine estate financial commitment and administration agency founded in 2010, has spent a lot more than $500 million in buys in excess of the earlier 5 many years, in accordance to its web page. Led by CEO Alejandro Velez, the business also has a actual estate arm in Spain.
In January, Midtown compensated $37 million for Vista Small business Park in West Palm Beach. The place of work and industrial campus is at 2253, 2255, and 2257 Vista Parkway, as well as at 6903, 6917, and 6931 Vista Parkway North.
The organization also owns the 4-story creating at 1700 North University Push in the Plantation Pointe business enterprise park. It paid out $78 million for the house last yr.
Prospect, dependent in DeLand, Fla., is a true estate expense and improvement enterprise led by Michele Zahn and Richard Zahn Sr. It paid out $11 million for Advantis Station’s Flagler Village enhancement web-site in April.
More than the previous pair of a long time, Flagler Village has caught developers’ consideration. Miki Naftali’s Naftali Team paid out $20 million in May for just about a entire-acre progress site at 201 North Federal Highway.
Builders Steven Hudson and Charles Ladd Jr. scored acceptance from the town of Fort Lauderdale in August for their 30-story, 320-unit Flagler Residences South at 513-517 Northeast Sixth Road. It will be their initially of two prepared apartment towers in Flagler Village.
