News

The Related Group obtained a property near Las Olas Boulevard in Fort Lauderdale for $12 million to develop an apartment tower.

The joint venture between Steelbridge Capital and Apollo Global Real Estate Management sold the 0.6-acre site at 201 S.E. 6th Ave. to Miami-based Related Group. The land was part of the SunTrust Centre office building, which Steelbridge and Apollo bought for $90 million in 2016 and have since renovated.
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The site that sold contains the drive-thru lanes for SunTrust Bank, which would be removed to make way for the project.

“We were delighted to sell this property to The Related Group”, said Gavin Campbell, a managing principal of Steelbridge. “Fort Lauderdale is emerging as a world class city, and developers like Related are a central part of that. We believe this new development will continue to enhance not only this location but the livability of the entire Fort Lauderdale downtown.”

The 47-story tower would total 685,430 square feet with 311 apartments, 3,200 square feet of retail space and a parking garage. There would be a 10th-floor amenity deck with a clubroom, health club, pool and spa.

Cohen Freedman Encinosa & Associates is the architect.

The Related Group, which recently completed the Icon Las Olas apartment tower downtown with some of the highest rents in the city, said it plans to break ground on the new tower in summer 2019.

“We are big believers in the potential of Downtown Fort Lauderdale,” said Steve Patterson, head of the apartment development division of the Related Group. “The whole region is going through a major transformation and our team is committed to advancing opportunities for the current community as well as future residents. We expect the momentum to continue building, leading to increased demand for more high-quality residences as well as office space, restaurants and other commercial uses.”