Vlad Doroninit is OKO Group and Cain International arrive in Fort Lauderdale.
The joint venture has landed $97.2 million to build a luxury rental tower to be called A river, the developers announced on Wednesday. The 34-story development will feature 251 units and 2,600 square feet of ground floor retail as well as 13,000 square feet of amenities, such as a fitness center, spa, coworking lounge and a dog spa.
The financing includes a $75.7 million senior construction loan from OZK Bank and a mezzanine construction loan provided by JVP management. Construction will begin this summer and is expected to be completed by September 2024.
Located at 629 SE Fifth Avenue, the development is between Southeast Third Avenue and Southern Federal Highway, two blocks south of the New River. In 2020, just months after the hit of COVID-19, OKO paid $62.6 million for three blocks, covering 6.68 acres, covering Southeast Sixth Street to Southeast Seventh Street.
Adrien Smith + Gordon Gill Architecturethe company behind dubai Burj Khalifatallest building in the world, and New York Central Park Towerwill design One River.
The project marks OKO and Cain’s fourth venture together in South Florida. The couple evolves 830 Brickell, the first office tower erected in Miami in a decade, which has attracted a large number of new tenants to the market. Joint residential projects include the Missoni Baia and Una Residences luxury condominiums in Miami.
One River is the latest planned rental tower in Fort Lauderdale, where rents have skyrocketed over the past two years. The Associated groupMiami’s largest condo developer, built all 36 floors New River Yacht Club II rent and one 44-storey residential property. Close to the city’s Brightline station, Kushner Enterprises and apartment giant Aimco have intended a rental complex.
Keith Kurland of Walker and Dunlop arranged financing for OKO and Cain for One River.
Julia Echikson can be contacted at [email protected].