Brooklyn-based developer Dependable Equities is moving forward with plans for a 1,100-unit luxury rental project in Fort Lauderdale, the latest multi-family proposal in the Broward County town where thousands of apartments are already in preparation.
The company, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinksy, came before the city’s development review board late last month with plans for a massive mixed-use project in 300 Northeast Third Ave. The developer expects to inaugurate a 1.5 million square foot development, dubbed Ombelle, with two 43-story towers within a year, according to a spokesperson for ODA, the architectural firm that designed the project.
Dependable Equities paid $27 million for the 1.9 acre assembly in November, records show. It’s just outside of Flagler Village, an artsy neighborhood where multifamily development has exploded in recent years.
ODA, led by founder Eran Chen, designed the Ombelle project to include 75,000 square feet of amenities, approximately 11,000 square feet of ground floor retail and dining, and an urban plaza. Facilities will include two swimming pools, garden, spa, work lounge, outdoor bar and chef’s kitchen, games room, library, private dining room and gym with spin room, dance and yoga studios.
The approval process could take around seven months, the spokesperson said.
Multifamily development is rampant in South Florida, and Fort Lauderdale is no exception. Developers are banking on continued rent and population growth, as well as low vacancy rates, as they pursue new apartment projects.
Nearby, multi-family giants Aimco and Kushner Companies have partnered for a planned development at 200, 300 and 520 West Broward Boulevard, closing assembly earlier this year for $49 million. The four-tower project, also designed by ODA, would include apartments, retail, offices and hotels. Aimco, which owns 51% of the joint venture, announced in its first quarter results that it was under contract to sell one of the plots for $18.3 million. Woodfield Investments filed for site plan approval in May for a 41-story, 462-unit tower at 520 West Broward Boulevard.
In a separate, publicly traded deal, Denver-based Aimco said it was under contract to pay $100 million for a nine-acre development site in Flagler Village that allows for up to 1,500 apartments.
The owner of upscale Galleria Fort Lauderdale mall now offers at least 1,900 multi-family units on portions of the 42-acre property at 2414 East Sunrise Boulevard.