X Las Olas is now under construction in Fort Lauderdale.
A groundbreaking ceremony was held last week, and foundation work for the first tower is underway.
The first phase is fully financed and will include a 34-story tower with 639 apartments, along with 30,000 square feet of ground floor retail and restaurant space. In total, 1,200 units are planned.
Brightline’s Fort Lauderdale station is a five minute walk from the site.
PMG’s X Las Olas Celebrates Groundbreaking
FORT LAUDERDALE, FL- January 17, 2018 – PMG’s growing portfolio of X Social Communities is making headlines across South Florida from the recent announcement of 400 Biscayne’s land acquisition in Miami and the groundbreaking of X Las Olas in Fort Lauderdale. The development firm is changing the way modern professionals think about living downtown in both markets.
On Wednesday, January 17th, the PMG team alongside Mayor Jack Seiler, Vice Mayor Bruce Roberts, and city and county officials gathered to celebrate a groundbreaking milestone for PMG’s X Social Communities or “XSC.” Starting onsite at 4 p.m., PMG Principal Ryan Shear, Mayor of Fort Lauderdale Jack Seiler and Broward County Commissioner Barbara Sharief, spoke about how X Las Olas is going to energize the way residents live, work, and socialize on the former Riverfront entertainment complex site bridging Las Olas Blvd. and Himmarshee Village. Following the onsite ceremony, guests continued the celebration across the street at Rooftop where drinks and food was served.
“With X Las Olas being our first project in Fort Lauderdale, working with the city and surrounding neighbors to launch a social hub that embodies the spirit of the area has been exciting.” explains Ryan Shear, Principal of PMG. “Fort Lauderdale is evolving, and we are thrilled to be creating a tech-forward, fun and convenient rental community that will invigorate and embrace the community.”
Slated for completion in 2020, X Las Olas will include two apartment towers with 1,200 residential units. Phase one will include a 34-floor residential tower with approximately 639 studios, 1 bedrooms, and 2-4 bedroom suites, plus more than 100,000 square feet of communal amenity spaces throughout the tower and rooftop. Furthermore, phase one will include 30,000 square feet of ground floor retail space, featuring restaurants, markets, services, and entertainment along the waterfront on Fort Lauderdale’s New River.
Amenities will include co-working space that eliminates the need for an office, an oversized gym and fitness studio with frequent group classes, a communal kitchens to host potlucks and demonstrations, smart package lockers, dog runs, and bike storage facilities. Many units be available fully furnished down to the forks and lines. A proprietary mobile app will enable keyless entry, managing guest lists and access, adjusting smart thermostats, notifications about packages, and facilitate frequent social events.
XSC is a new multi-family housing division of PMG geared towards delivering the most fun and convenient living experience at an attainable price point. PMG is planning more than 5,000 units for the X Social Communities portfolio across the United States over the next five years. Projects in the pipeline include: the 464-unit “X Miami” in Downtown Miami, opening in summer 2018; the 99-unit “X University Village” in Chicago, opening spring 2018; the 1,200 unit X Las Olas in Fort Lauderdale, opening early 2020, and the 220-unit “X Union Station” in Denver, opening in 2020. Several additional projects are being planned in other major markets. More info at www.xliving.co
In July, the development also received a $153.9 construction loan to bring to fruition the first phase of X Las Olas. Seth Kaufman, broker of ONE Sotheby’s International Realty together with his associate Nathaniel Crawford were responsible for the original introduction to Greybrook Realty Partners.