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Another bulk condo deal going down!!

Cashflow In Miami
June 30, 2021

501 SE 6th ave, Fort Lauderdale, FL

Jean Francois  Roy, founder and CEO of Fort Lauderdale-based Ocean Land Investments, will build Aviva Rio Vista, a 96-unit multifamily project on the south bank of the New River, just west of the Federal Highway tunnel under the river.

Plans  are to develop an eight-story multifamily building in downtown Fort Lauderdale after buying out condo owners on the site through a bulk purchase.

The project will replace a three-story condominium, after national developer Trammell Crow failed to build a 21-story tower on the same site.

Roy plans to start demolishing the 30-unit Edgewater House Condominium at 501 Southeast 6th Avenue by the end of 2021 to clear the 0.8-acre site for Aviva Rio Vista, after acquiring all the condos in June-as you see attached memo all units must be vacated by June 30th. The condos were built in 1980. The two-year construction phase of the project is set to start in the spring of 2022.Closings took place June the 30th, 2021.  The purchase price for the Edgewater condo units was not disclosed  but Roy says the total cost of the Aviva development would range from $65 million to $70 million.

Most of the units will have two-bedroom floorplans and span 1,200 square feet. Overall, unit sizes will range from 937 square feet with one bedroom, to 2,100 square feet with three bedrooms.

Amenities at Aviva will include a rooftop swimming pool, a spa and fitness center, and about 8,000 square feet of commercial space for a restaurant, coffee shop and bookstore.


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