OceanLand plans 40-story apartment tower near Fort Lauderdale Brightline stop
Canadian transplant Jean Francois Roy paid $13M for dev site in March Jean Francois Roy, a Canadian transplant, has planned a 40-story apartment tower near the downtown Fort Lauderdale Brightline passenger train station. OceanLand Investments, the development firm led by Roy, intends to construct a 392-unit building that includes a parking podium and a 10th-floor amenity deck. The location for this project is at 105 Northwest Third Avenue. Both a company news release and an OceanLand spokesperson confirm these details. The design of the tower is a collaboration between FSMY Architects + Planners and AM Studio, and it may also feature around 8,800 square feet of ground-floor retail space and potentially a restaurant. OceanLand acquired the development site, which encompasses the adjacent lots at 113 and 117 Northwest Third Avenue and at 110 Northwest Fourth Avenue, for $13.2 million in March. The land is situated west of the Brightline station. As per the spokesperson, construction is anticipated to commence in the latter half of 2025. Despite the increased cost of construction financing due to interest rate hikes by the Federal Reserve, South Florida developers are persistently announcing their project plans. Many of these developers are directing their focus towards multifamily projects and are taking the opportunity to build near Brightline’s stations. To the east of the Fort Lauderdale stop, the Damaghi family from Great Neck, New York, owns two parcels of land that were acquired in 2021 and 2022 for a total of $39.4 million, according to records. However, the family has not yet revealed any details about their development intentions. In the vicinity of Miami-Dade County’s Ojus station, Arnaud Karsenti’s 13th Floor Investments proposed a 300-plus-unit apartment building at 19680-19770 West Dixie Highway in December of the previous year. Additionally, Yakov Cohen and Shimon Bouskila submitted an application for a 15-story, 261-unit apartment project at 2655-2660 Northeast 189th Street, a few blocks south of the Ojus station. OceanLand, a Fort Lauderdale-based company founded by Roy in 1990, boasts a portfolio of previous projects comprising 26 condominiums, multifamily properties, and senior living facilities, totaling over 4,000 units. Notable ventures include the Ritz-Carlton Residences in Singer Island, Palm Beach, and Aqua-branded condominium buildings in Fort Lauderdale. Furthermore, OceanLand initiated the sale of units in their 94-unit Sixth & Rio condo building located at 501 Southeast Sixth Avenue in Fort Lauderdale last year. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
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Pompano Beach gives final approval to Cavache’s 319-unit multifamily project
Construction is expected to start early next year, with completion slated for 2026 Cavache Properties has received final approval for its second multifamily project in Pompano Beach, located in the Old Town Square area. Cavache Properties has received approval for their second multifamily project in Pompano Beach, known as Old Town Square II. The development will be situated at 210 Northeast Third Street, encompassing the former Christ United Methodist Church building as well as adjacent parcels to the north and south. Comprising of two buildings, the development will feature a 10-story structure with 229 units and a six-story building with 90 units. These two buildings will be interconnected by pedestrian bridges spanning Northeast Second Street, as stated in a news release from Cavache. The 10-story building will incorporate 3,400 square feet of commercial space designated for retail or a restaurant. Old Town Square II will offer apartments ranging from one to three bedrooms. Construction is scheduled to commence early next year, with an estimated completion date in mid-2026, according to the press release. The project received approval from the Pompano Beach Planning and Zoning Board last week. After acquiring a 5-acre assemblage consisting of six lots, including the designated Old Town Square II development site, Cavache Properties received approval nearly two months later. The purchase, worth $8.4 million, encompassed various properties such as 219 Northeast Third Street, two lots at 200 Northeast Fourth Street, and an empty parcel located on the northwest corner of Northeast Second Avenue and Northeast Second Street. According to Adam Adache, the managing partner at Cavache, the Christ United Methodist Church had stopped using the Pompano Beach building and had been conducting services in Fort Lauderdale prior to the sale. As part of their plans, Cavache intends to relocate a historic building from the church campus to Centennial Park. Regarding the remaining approximately 2.7 acres that won’t be developed as Old Town Square II, Adache mentioned that Cavache currently lacks specific project plans, as shared with TRD in May. Notably, Cavache is also working on the first phase of the Old Town Square project, located one block west of Christ United Methodist Church. This phase, spanning 1.7 acres between Northeast Second and Third streets on the east side of Northeast First Avenue, involves the development of a 281-unit residential complex with over 5,000 square feet of retail space. Completion for this project is expected this year. Cavache Properties, headquartered in Pompano Beach, is led by Adam and Daniel Adache, along with Managing Director Anthony Cavo. The firm has successfully completed various projects, including the boutique condominium project called 30 Thirty North Ocean, which features two five-story buildings comprising 24 units situated at 3030 North Ocean Boulevard in Fort Lauderdale. The architectural design for Old Town Square II is being handled by the Fort Lauderdale-based Adache Group Architects, led by Daniel Adache. It is worth noting that the development on former church-owned properties is a trend observed in South Florida. In Pompano Beach, the Archdiocese of Miami’s 8.3-acre site at 1200 Northwest Sixth Avenue is being transformed into an affordable housing complex known as St. Joseph Manor II Apartments. Developer Smith & Henzy Advisory Group, who leased the site from the Archdiocese, is responsible for the construction of the 50-unit complex. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
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South Florida’s real estate market is known for its desirable location, beautiful weather, and a wide array of properties to choose from. While peak seasons attract a lot of attention and competition, there are compelling reasons to consider buying real estate in the off-season. In this article, we will explore the advantages of purchasing property in South Florida during the quieter months and provide useful tips for making a smart investment. Less Competition, More Negotiation Power One of the significant advantages of buying real estate in the off-season is the reduced competition. During the peak season, when the demand is high, properties tend to receive multiple offers, leading to bidding wars and higher prices. However, in the off-season, there are fewer buyers in the market, which gives you a stronger negotiating position. Sellers may be more willing to consider lower offers or negotiate on the terms and conditions of the sale, ultimately providing you with an opportunity to secure a better deal. Increased Availability and Variety The off-season is often accompanied by a larger inventory of available properties. Sellers who weren’t able to sell during the peak season may be more motivated to close a deal and therefore be more flexible with their pricing. This broader selection can give you a better chance of finding a property that suits your preferences, whether you’re looking for a beachfront condo, a suburban family home, or an investment property. With more choices available, you can carefully evaluate different options and make a decision based on your specific needs. Insightful Market Research Buying real estate in the off-season allows you to conduct thorough market research and gain a deeper understanding of the local trends and property values. With fewer buyers vying for properties, you have more time and freedom to analyze market data, explore different neighborhoods, and assess property appreciation potential. This research can help you make a well-informed decision and identify properties that have the potential for long-term growth. Increased Attention from Real Estate Professionals Real estate professionals, such as real estate agents, lenders, and property inspectors, have more availability during the off-season. With fewer clients to attend to, they can dedicate more time and attention to your specific needs. This increased accessibility means you can schedule viewings and appointments more conveniently, receive more personalized guidance, and have your questions answered more promptly. Collaborating closely with experienced professionals can significantly simplify and expedite the buying process. Opportunity for Renovations and Customizations Purchasing real estate in the off-season gives you ample time for renovations and customizations before the peak season arrives. Whether you plan to turn the property into your dream home or aim to increase its market value, the off-season provides an opportunity for hassle-free renovations. Contractors and builders are likely to have more availability, allowing you to complete the work more efficiently. By the time the peak season approaches, you’ll have a beautifully renovated property that stands out among the rest. Conclusion Buying real estate in the off-season in South Florida offers a range of benefits, including reduced competition, better negotiation power, increased availability and variety, and the opportunity for thorough market research. Additionally, you can take advantage of increased attention from real estate professionals and have more flexibility for renovations and customizations. So, if you’re considering investing in South Florida’s vibrant real estate market, don’t overlook the advantages that the off-season can bring. It might just be the perfect time to find your ideal property at a favorable price. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
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