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PMG closes On $29m Las Olas Riverfront Site, Apartments & Retail Planned

PMG completed the purchase of a $29 million property at Las Ola Riverfront, where they plan to build an apartment and retail project targeting millenials.

The developer has previously said that rents would be about $3 per square foot.

The proposed waterfront project is comprised of 2.38 acres of waterfront land and will encompass over two phase millennial targeted rental development with 40,000 square feet of retail. The land was purchased from Dev Motwani who helped facilitate the transaction.

The transaction was brokered by Robert Given of Cushman Wakefield and was facilitated by Luis Flores, attorney for Arnstein and Lehr and Courtney Crush of Crush Law, P.A. The innovative riverfront project will be geared towards millennials and offer a cutting edge lifestyle much like PMG plans for their 300 project in downtown Miami. PMG will be working with the design team of FSMY Architects and TBG Landscape Architect and Planners on the project.

“We are very excited about this new venture and the possibilities for the area” states Ryan Shear, Principal at PMG “We would like to thank the City of Ft Lauderdale and the review committee for sharing in our vision and we are looking forward to working with all parties towards mutual success on this project. As a person who used to go out in Riverfront we look forward to bringing the location back to its glory and more.”

Ft Lauderdale has been experiencing a transformational surge in activity over the past year and steadily growing into a cultural and creative urban destination. This project will be a significant contribution to the area’s resurgence and offer a unique residential community and viable rental option among the rapidly rising sale prices of the neighborhood. PMG has always been known for innovative cutting edge development as well as consistent high quality product and this new project will be the next addition to their impressive portfolio.

 

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22 Comments on "PMG closes On $29m Las Olas Riverfront Site, Apartments & Retail Planned"

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Monica
Monica

why is everyone hating on this so much? Sounds like a bunch of bored Related Group analysts have their panties in a wad. There is no reason to dislike this. Las Olas is boring AF right now and this will give it some character. Bye felicia.

ID196
ID196

More like a bunch of wealthy individuals holed up in their expensive apartments. Pretty much as West Las Olas is now. lol

Anonymous
Anonymous

This area is BADLY in need of something like this. It has been lifeless and skeevy for years…finally PMG decided to revitalize a once bustling area. Well done.

Anonymous
Anonymous
The last time this area was bustling was before and right after WWII. At the time, Andrews Avenue was Fort Lauderdale’s main street, while East Las Olas Boulevard was specifically for affluent Las Olas Isles residents. The closing of the FEC depot, replacing the Andrews Avenue bridge to a higher one, and poor planning policies of a stale proposal for urban shopping mall to turning the area into an institutional dead zone, all destroyed the urban fabric. Riverfront failed because of the resultant border vacuum created between it and Las Olas Shops (East Las Olas), including Bubier Park full of homeless people, the NSU Art Museum and FAU/BC buildings with no street interaction and a giant retention pond, and the vacant lot next to the Las Olas River House. 100 East Las Olas filling said lot will certainly be a catalyst for more activity in the area, along with The Wave streetcar. However, the aforementioned issues should be fixed. FAU is leaving downtown, so Broward College could consolidate to either building or move somewhere else, and the NSU Art Museum would be more appropriate near the Museum of Discovery and Science. Connectivity is achievable with redevelopment of that caliber, but… Read more »
Anonymous
Anonymous

Just for your information, if you’re really trying to attract millenials, try amenities. People tend to like that. Everybody has a pool now that they never use. Wifi everything. FAST wifi, don’t be cheap. WE KNOW.

Monica
Monica

Guys I think PMG knows what it’s doing.

Anonymous
Anonymous

“Anonymous” you are so right! Why do all of these buildings have pools in them??? Take that money and invest in a game room (I’m thinking PAC-MAN, Pinball, Billiards, and maybe even a ball pit). At the very least, a wifi-enabled photo booth…

Anonymous
Anonymous

LOL, Pacman?

Anonymous
Anonymous

Looks like Fort Lauderdale is copying Miami’s Mickey Mouse building design from the 2000s.

Marc
Marc

Exquisite

Anonymous
Anonymous

Nice addition but…what millennial is paying 3$ a square foot for rent…In Fort Lauderdale

Anonymous
Anonymous

you think millennials are calculating their rent in $ per square foot?

ID196
ID196

$3 per square foot, meaning a 1,000 sf apartment at $3,000 a month. Thats not millennial money.

Anonymous
Anonymous

who says the apartment is 1000 sf? what if it is 500 sf for $1500? Seems like something a lot of millennials WOULD like.

ID196
ID196

Have you seen the renderings? Those balconies are not wrapped around a 500SF apartment. lol

Anonymous
Anonymous

All these Developers must be calculating Millennials Daddy’s money! LOL Millennials is just a cool word to use now. Little do these marketing people know that millennials see right through that BS. You can name something anything you want, but it doesn’t change what it really is. Millennials are always looking for a deal, so try a different methodology.

Monica
Monica

I think the marketing teams, who use hundreds of data points, know a bit more about demand in these areas. I don’t think PMG decided to build this on a gut feeling that it will work.

Anonymous
Anonymous

Fort Lauderdale has a lot going on. What’s wrong with Fort Lauderdale?

Anonymous
Anonymous

It would be alright for a filler, but along the New River it’s a boxy pile of trash with ugly balconies facing the river, as seen in further detail in the last picture on the left.

Anonymous
Anonymous

Fake news

Anonymous
Anonymous

It’s all Russia and Bush’s fault.

Anonymous
Anonymous

You’re a big fat mess

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