Hundreds of apartments coming to riverfront
A wave of development in Fort Lauderdale is reshaping a stretch of the downtown riverfront, this time with a 20-story complex that’ll offer hundreds of rental apartments, as well as retail and restaurant space.
Construction will kick off next month for the next phase of the New River Yacht Club, situated at 416 SW First Ave., just footsteps from the New River and southwest of the Andrews Avenue bridge. This new phase, called New River Yacht Club Phase III, will offer 230 apartments.
It’ll have a pool on the fifth floor, fitness center and shared office space for residents. There also will be 2,400 square feet of restaurant and retail space on the south side of the building on the ground floor.
“We think it’s helping to define Andrews Avenue further as we go south,” said Patrick Campbell, the project lead and vice president of The Related Group. “The success we found in Phase One, we’re continuing that success.”
It’ll have 40 more units than what the city first approved in 2017. That’s because the city and the developer, The Related Group, agreed that units not built in its 272-unit, 45-story Icon Las Olas apartment tower could be rolled over to other development projects.
It will be the second building in a three-phase project. The first New River Yacht Club is 24 stories, and 249 rental apartments. The city has already approved the second New River Yacht Club — an estimated 349 condos soaring 36 stories at Southwest First Avenue and the New River.
But the developer is going out of order, deciding to build the third phase before the second phase. That’s because the third phase is a smaller project that may better accommodate demand for rentals. “We think the 230 units is more in line what the market can absorb can right now,” Campbell said. Construction is expected to begin in June on the New River Yacht Club Phase III, shown in an artist's illustration.
Staff Writer Brittany Wallman contributed to this report.