First condo project proposed in one of South Florida’s most trendy neighborhoods
Mar 15, 2016, 11:21am EDT
Fort Lauderdale’s Flagler Village neighborhood just north of downtown has attracted many apartment projects and now it could get its first new condo tower.
BRYL Development will take its plans for the Flagler 626 building before the city’s Development Review Committee on March 22. It calls for a 12-story building with 99 units, 105 parking spaces, and a pool. The building would total 185,531 square feet.
It would be on the 0.62-acre site at 626, 630 and 636 N.E. 1st Ave. The developer acquired the property for $725,000 in 2014.
Doron Broman, who manages BRYL along with Uri Redler, Shimon Langbart and Doron Brown, said there are too many rental projects in Flagler Village and there’s a need for an affordable condo project. His partners are from Israel and two of them are also investors in the Canvas condo project that recently started construction in Miami.
“We like Flagler Village a lot,” Broman said. “It reminds us of Wynwood with the creativity and the artists so outside of downtown.”
Broman said units in Flagler 626 will be priced around $350 per square foot considerably less expensive than condos in Miami or on Fort Lauderdale beach. The units will average 1,100 square feet, he said.
The design plans show units ranging from 671 to 1,580 square feet. However, 67 units would be less than 1,000 square feet. That means prices would start in the mid-$200,000s.
Flagler 626 would also have four ground-floor townhouses, ranging from 936 to 1,345 square feet.
“It’s a lower entry point,” Broman said. “As the economy gets better and the middle class is improving, people will have the confidence to buy housing. By the time those condos are ready to sell and finished two years from now, we think the economy will be even better.”
The South Florida economy has done well with steady job and wage growth. However, new condo sales have slowed down in recent months, mostly due to foreign investors impacted by the strong U.S. dollar.