13th Floor Investments got a green light for Flagler Village Residences, a 30-story multifamily development just north of downtown Fort Lauderdale.
The Fort Lauderdale City Commission voted Tuesday night to approve a site plan for the 350-unit development at 500 Northeast 3rd Avenue in Fort Lauderdale’s Flagler Village area.
The development would have about 3,500 square feet of retail space and a seven-story podium beneath the tower with 512 parking spaces. 13th Floor is the developer, according to the application.
The development site is owned by an entity of Miami-based 13th Floor, led by managing principal Arnaud Karsenti, and West Palm Beach-based Wexford Real Estate Investors, led by co-heads Joseph M. Jacob and Philip Braunstein.
The partnership assembled the 1.37-acre development site one block west of Federal Highway in a series of parcel acquisitions from 2007 to 2019 for a total of $5.49 million, records show.
In approving the site plan for Flagler Village Residences, the Fort Lauderdale City Commission allowed a deviation from municipal design standards by approving a 17,669-square-foot floorplate for the development, 41 percent bigger than the 12,500-square-foot maximum allowed by right.
In a separate vote, the commission agreed to vacate a 150-foot by 15-foot portion of a city-owned alley in the middle of the development site.
The rental housing vacancy rate in Fort Lauderdale fell from 5.1 percent to 4.8 percent in the 12-month period ended in March, the fastest tightening among major markets in Florida. But downward pressure on rent persists, according to Marcus & Millichap.
“A deep young-adult renter base, lower reliance on international migration than Miami, and high ownership barriers have supported demand,” according to Marcus and Millichap. “However, affordability pressure and concession usage may continue to temper rent growth.”
