DTZ’s Real Estate Investment Banking Group has been retained to arrange project finance for a three-tower luxury residential project with marina on the river in downtown Fort Lauderdale, Florida.
At six acres, the project sits on the largest undeveloped prime urban infill site in Fort Lauderdale. Marina Lofts will be developed as a three-phase project and will result in 856 luxury condominium and rental units, several restaurants, a dozen retail shops, and a marina with over 200 wet and dry slips.
Total project capitalization for the three phases is approximately $230 million.
According to managing director Jeffrey Donnelly who leads the Real Estate Investment Banking Group out of New York, “Marina Lofts is a truly groundbreaking design conceived by young, emerging starchitect, Bjarke Ingels. The project incorporates the best attributes of the river location and marina amenity into a cool, edgy, sexy project that brings a Miami and international vibe and sensibility to downtown Fort Lauderdale. This three tower development quite literally transforms the skyline of Fort Lauderdale.”
Vice president Joel Weinberg added, “The project is now fully entitled and approved. While similar projects in Fort Lauderdale have been mired in litigation and resistance from anti-development groups, the sponsor, Cymbal Development, was able to navigate the hurdles and obstacles to achieve entitlement and approval by demonstrating to the community that its project was the highest and best use for this rare, six-acre infill site.”
The project received unanimous approval in 2013 from both the City of Fort Lauderdale Planning and Zoning Board as well as from the City of Fort Lauderdale City Commission. The project could be shovel-ready in 5-6 months.
Associate vice president Ulrike Ahrens said, “Our clients have executed a wide range of complicated and challenging projects of various asset types – not only in South Florida, but also in New York City.
“Cymbal has delivered projects into the most difficult and competitive development markets. We are very confident they have the experience, track record, and discipline to complete this ambitious three tower community development.”