FORT LAUDERDALE, FL – CE Development Partners, a joint venture between leading developers EDEN Multifamily and Cypress Equity Investments, have completed the acquisition of a 1.55-acre site in the heart of downtown Fort Lauderdale for the development of a premier rental apartment community. CE Development Partners plans to build a 32-story, 374-unit tower on the property located at 419 Southeast Second Street – just steps away from popular Las Olas Boulevard.
The partnership closed on the acquisition March 9, according to EDEN Multifamily CEO Jay Jacobson. The site was previously operated as a parking lot.
CE Development’s project will also include ground-floor retail space and an adjacent parking garage. The tower’s architectural design is modern with sleek lines, wraparound balconies and floor-to-ceiling glass in amenity areas and certain residential locations. Residents will find a highly amenitized building that will feature the first private urban park in the downtown area with a four-story waterfall, open community gathering spaces surrounding the building, state-of-the-art exercise facilities, golf simulator, yoga studio, peloton facility, a bicycle storage and repair shop and state-of-the-art delivery lockers including refrigerated storage for grocery deliveries.
The project will be distinguished by the latest green technology operating all HVAC and electrical systems. Residents will also find a private sky lounge located on the 32nd floor with sweeping city views.
“We are thrilled to complete this transaction and move forward with a project that should be very well received by the downtown market,” Jacobson said. “It’s no secret that renters of all ages are flocking to downtown Fort Lauderdale, which is experiencing an evolution into a true 24-hour neighborhood.”
Construction is expected to start during the fourth quarter of 2018.
The project site is surrounded by 1 million square feet of retail and entertainment space, more than 5 million square feet of office space and tens of thousands of jobs.
In January, EDEN topped off construction of NOMA, an 8-story, 354-unit apartment building at 2145 Northeast 164th Street in the heart of North Miami Beach. NOMA is scheduled to be completed in fall 2018.
“We continue to look for opportunities to develop apartments in underserved and overlooked neighborhoods,” Jacobson said. “We expect the South Florida multifamily market to remain strong and ripe for new construction.”
For more information about CE Development’s project and updates on EDEN’s other projects, visit www.edenmultifamily.com
About CE Development Partners: A joint venture formed by EDEN Multifamily and Cypress Equity Investments to develop multifamily projects throughout the southeast U.S. CE Development Partners will be seeking opportunities in both urban and close in suburban locations.
About EDEN Multifamily: A partnership formed by real estate industry veterans Jay Massirman and Jay Jacobson, EDEN Multifamily brings more than 70 years of experience and a rich history of identifying and developing successful residential projects. EDEN seeks out multifamily development opportunities in neighborhoods that are underserved and overlooked, specializing in boutique infill projects. For more information, visit www.edenmultifamily.com.
About Cypress Equity Investments: Operating since 2001, Cypress Equity Investments (CEI) is a real estate investment company comprised of professionals who have been executing real estate investment strategies for the past three decades. Since its inception, CEI has been spearheading ground-up and value-add real estate projects in all asset classes, with a specialty in multifamily. The company continues to execute its Class A development and acquisition strategies in top-tier urban markets throughout the U.S. For more information, visit www.cypressequity.com.