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.