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

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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1,200 apartments proposed to replace struggling Las Olas Riverfront

The Las Olas Riverfront, a long-dead entertainment and shopping complex in downtown Fort Lauderdale, might be razed and replaced by two apartment towers overlooking the New River.

Property Markets Group wants to build 46- and 42-story apartment buildings combining 1,200 units, as well as a mix of restaurants and "lifestyle retailers."

The towers would be the tallest in Fort Lauderdale at 499 feet and 469 feet, surpassing Icon Las Olas' 455 feet. Riverfront's taller tower also would be higher than another proposed project, 100 Las Olas, which would be 493 feet.

The proposal will go before the city of Fort Lauderdale's Development Review Committee next week, the first of several steps to reach the city commission.

Ryan Shear, a principal of the development firm, said he hopes to start construction in the second quarter of 2017. The project — to be called The Riverfront — would be built in two phases over seven to eight years.

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http://www.sun-sentinel.com/real-est...906-story.html