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Real Estate

629 Southeast Fifth Avenue in Fort Lauderdale.

By
Cashflow In Miami
on
July 28, 2022

629 Southeast Fifth Avenue in Fort Lauderdale.

One coming to Fort Lauderdale!

OKO Group and Cain International broke ground on the first phase of their project south of the New River in Fort Lauderdale after securing $97.2 million in financing.

Bank OZK provided a $75.72 million construction loan to FPR 1 Propco LLC, an affiliate of Miami-based OKO Group and London-based Cain International. The balancing of the financing came in the form of a mezzanine construction loan from New York-based JVP Management.

This is the first phase of what could be a massive development. In 2020, the developers paid a combined $62.59 million to assemble 6.68 acres, covering three full blocks from Southeast Sixth Street down to Southeast Seventh Street, between South Federal Highway/Southeast Sixth Avenue west to Southeast Fourth Avenue.

The first part of that site to be developed will be 629 S.E. Fifth Ave. The 34-story One River will feature 251 apartments, 2,600 square feet of retail space, and a parking garage. The 13,000 square feet of amenities will include a rooftop pool deck, a fitness center, a spa with a sauna and steam rooms, an outdoor fitness center, a barbecue terrace, a media room, a lounge, a private dining room, a coworking area and a dog spa.

Chicago-based Adrian Smith + Gordon Gill, which has designed projects all over the world, is the architect for One River. However, the developer hasn’t released renderings.

Miami-based Keller North America recently filed notice with the county that it started work on the pilings for the project.

The developers said One River should be completed in September 2024.

...

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