South Florida has been booming with new construction and this is not thought to end any time soon. Miami has been at the forefront of this boom, but it is now moving north into areas such as Fort Lauderdale, Hallandale Beach and Hollywood. Developers are moving north to these areas that may not have as much cachet, but because of their beachfront locations are seen as having great upside potential. Lastly, it is also cheaper which makes for relatively good deals at the moment.
On Fort Lauderdale Beach, Ireland’s Inn at 2220 N. Atlantic Blvd., is set to be razed and redeveloped into an elegant 171-unit condominium project called Auberge Beach Residences & Spa. “If that building was in South Beach, it would probably command close to $5,000 a square foot,” said Carlos Rosso to The New York Times, head of the Related Group’s condominium division, referring to the Auberge. “But because it’s Fort Lauderdale, spectacular luxury units with 20-feet-deep terraces are selling for $1,100 a square foot.”
This is one of the more recent projects. What does this all mean exactly? The project was originally slated with the possible chance to open in 2017, though 2018 seemed more likely. However, 2017 is now the expected delivery date. The early sales push for the 171 units ranging from $1.8 million to $8 million has gone way better than anticipated. “We thought it would take longer to sell,” said Carlos Rosso to The Sun Sentinel, head of the condo division for The Related Group, which is building Auberge with Fortune International Group and the Fairwinds Group. As of early May 2015, the firms say they have 90 percent of the units reserved and 10 contracts signed.
Although the boom has moved to Fort Lauderdale, the Auberge is set to head back to Miami. Plans for the Auberge Residences Miami at 1400 Biscayne Blvd. call for three towers, with the tallest two at 58 stories and the third at 49 stories, plus 1,629 parking spaces. It would have 13,280 square feet of retail. The project would total 2.7 million square feet.