NEW RIVER CENTRAL A ONE ACRE, 401-UNIT HIGH-RISE DEVELOPMENT OPPORTUNITY IN DOWNTOWN FORT LAUDERDALE CAPITAL MARKETS | INSTITUTIONAL MULTIFAMILY ...
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DEVELOPMENT OPPORTUNITY NEW RIVER CENTRAL A ONE ACRE, 401-UNIT HIGH-RISE DEVELOPMENT OPPORTUNITY IN DOWNTOWN FORT LAUDERDALE CAPITAL MARKETS | INSTITUTIONAL MULTIFAMILY GROUP | OFFERING MEMORANDUM
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present
the opportunity to acquire the New River Central development site.
Offers should be presented in the form of a non-binding Letter of
Intent, spelling out the significant terms and conditions of the
Purchaser’s offering including, but not limited to, 1) asset pricing, 2)
due diligence and closing time frame, 3) earnest money deposit, 4)
a description of the debt/equity structure, and 5) qualifications
to close. Offers should be delivered to the attention of Troy
Ballard at troy.ballard@cushwake.com or 954-377-0514.
INVESTMENT
CONTACTS
ROBERT GIVEN
Vice Chairman
+1 954 377 0513
robert.given@cushwake.com TABLE OF
TROY BALLARD
Senior Managing Director
CONTENTS
+1 954 377 0514
troy.ballard@cushwake.com
ZACHARY SACKLEY
Executive Managing Director 01 EXECUTIVE SUMMARY 04
+1 954 377 0515
zachary.sackley@cushwake.com
AARON MANDEL
Financial Analyst
02 DEVELOPMENT OVERVIEW 12
+1 954 377 0516
aaron.mandel@cushwake.com
03 AREA OVERVIEW 16
CUSHMAN & WAKEFIELD OF FLORIDA, INC.
515 East Las Olas Boulevard
Suite 860
Fort Lauderdale, Florida 33301
04 MULTIFAMILY OVERVIEW 32
2 | Cushman & Wakefield |
The Everglades
Delray
Beach
PROPERTY
LAS OLAS BOULEVARD
LOCATION
PALM BEACH COUNTY Boca Raton
Tar
SOUTHWEST FLAGLER AVENUE
po
n Riv
er
BROWARD COUNTY Deerfield
ANDREWS AVENUE
Beach
Coral
Springs
Pompano
New River Central
Beach
Oakland Park
Sunrise
NEW RIVER CENTRAL
100 SW 6th Street New River Central
Fort Lauderdale, FL 33301
Plantation Fort Lauderdale
weston
1. From I-95, take exit 27 and head east on
Broward Boulevard. Fort Lauderdale/Hollywood
Florida’s Turnpike
International Airport
2. After 1.5 miles, turn right on Andrew The Everglades
Pembroke
Avenue going south. Pines Hollywood
3. Turn right in 0.5 miles onto SW 6th street.
Property will be on your left immediately Miramar
after Publix grocery store.
MIAMI-DADE COUNTY North
| Cushman & Wakefield | 3
01 EXECUTIVE
SUMMARY
This development site presents a rare opportunity to acquire an acre of land
THE in a burgeoning new area of Downtown Fort Lauderdale, South of the River.
OFFERING
The site has approved plans for a neighborhood-defining 35-story high-rise,
New River Central. This offers an owner the opportunity to transform the
property into one of Downtown Fort Lauderdale’s defining buildings.
PROPERTY SUMMARY
100 SW 6th Street
Address
Fort Lauderdale, FL 33301
Land Acreage 1.0
Zoning RAC-CC
DEVELOPMENT SUMMARY
Approved Plan Units 401
Average Unit Size (SF) 863
Stories 35
Retail Square Footage 5,000
Parking Spaces 480
South of the River is poised
to be Fort Lauderdale's
next major growth center
6 | Cushman & Wakefield | Executive Summary
INVESTMENT HIGHLIGHTS
CLOSE TO KEY JOB DRIVERS
• Property is two blocks west of Broward County Judicial Complex. The new courthouse
is the foundation of the office section south of the river with additional new office
construction underway.
• Subject property is one minute from Downtown Fort Lauderdale, and in close proximity to over
5.3 million square feet of office space
• Site is one mile north of Broward Health Center, one of the county's largest hospitals
with 716 beds
ENTERTAINMENT AND LIFESTYLE NEARBY
• New River Central has a walkscore of 83. There is a Publix next to the site, and Las Olas Boulevard
is 1,000 feet away, which offers many restaurants, bars, and retail destinations.
• The site is less than two miles from Atlantic Ocean beaches and Fort Lauderdale Beach Boulevard
• Broward Center for Performing Arts less than a mile away, which puts on over 700 performances
with more than 700,00 patrons yearly
EXCEPTIONAL TRANSPORTATION LINKS
• The Wave Streetcar - an eco-friendly transit system that will connect the property and
Courthouse buildings with the CBD and Flagler Village to the north, and the Hospital
District to the south. Construction is to begin in early 2017, with car visits at every stop
every 15 minutes. One of the stops is planned a block away from the subject site at
the corner of Andrews Ave and SW 6th Street.
• All Aboard Florida / Brightline - A new passenger rail service that will connect Miami,
Fort Lauderdale, West Palm Beach, and Orlando. The Fort Lauderdale stop is one
mile away from the property and is expected to begin running by the end of 2017.
Executive Summary | Cushman & Wakefield | 7
SITE
OVERVIEW
ADDRESS
100 SW 6th Street TAXES
Fort Lauderdale, FL 33301
2016 ASSESSED 2016 NON-AD
PARCEL ADDRESS 2016 AD VALOREM TOTAL TAXES
VALUE VALOREM
LOCATION
504210015280 100 SW 6th St $810,600 $16,490 $855 $17,345
New River Central is a one acre site in Downtown
Fort Lauderdale bound by SW 6th street to the north, 504210015440 609 SW 1st Ave $1,089,680 $21,881 $5,348 $27,229
SW 1st Ave/Publix to the east, and SW Flagler to the
west. The site is located steps from Downtown Fort
504210015290 SW Flagler Ave $95,810 $1,924 $143 $2,066
Lauderdale, one and a half miles east of I-95, two and
a half miles north of Fort Lauderdale Airport. A future
Wave Streetcar stop is planned across the street from 504210015300 608 SW Flagler Ave $248,300 $4,986 $1,767 $6,753
the Publix, less than 400 feet from the subject.
504210015310 612 SW Flagler Ave $176,600 $3,546 $209 $3,755
504210015320 614 SW Flagler Ave $259,590 $5,213 $574 $5,787
Total $2,680,580 $54,040 $8,896 $62,935
FLOOD ZONE
MILLAGE RATE 20.15969305
Panel Number 12011C0557H
Date 8/18/2014
Flood Zone X
Flood Insurance Required No
8 | Cushman & Wakefield | Executive Summary
DEMOGRAPHICS
DOWNTOWN
DOWNTOWN
FORT
LAUDERDALE
1-MILE 3-MILE 5-MILE FORT LAUDERDALE
2010 Census Population 15,034 20,531 119,397 264,947 KEY FACTS:
2016 Estimated Population 15,967 22,067 129,823 286,886
2021 Projected Population 17,415 23,713 132,414 292,975
• AVERAGE
Population Growth 2000-2010 19.2% 8.8% -1.6% -0.6% HOUSEHOLD
Population Growth 2010-2016 6.2% 7.5% 8.7% 8.3% INCOME - $111,292
Population Growth 2016-2021 9.1% 7.5% 2.0% 2.1%
Median Age 41 39 40 40
• 10.8% PROJECTED
2016 Estimated Households 15,967 22,067 129,823 286,886
HOUSEHOLD
Household Growth 2000-2010 30.2% 32.0% 11.7% 9.1%
GROWTH
Household Growth 2010-2016 7.4% 9.1% 8.2% 7.6%
Household Growth 2016-2021 10.8% 10.0% 3.4% 3.2%
• 9.1% PROJECTED
Population Density per Square Mile 6,368 7,024 4,592 3,653
POPULATION
Average Household Income $111,292 $80,972 $75,932 $71,121
GROWTH
Income $75,000 and over 44% 34% 30% 29%
Income $100,000 and over 33% 23% 20% 19%
Income $150,000 and over 20% 12% 10% 9%
BUSINESS POINTS
DOWNTOWN
FORT 1-MILE 3-MILE 5-MILE
LAUDERDALE
Number of Employees 28,978 47,546 205,315 296,564
Number of Businesses 2,999 3,886 12,063 23,824
Executive Summary | Cushman & Wakefield | 9
NORTHEAST VIEW
Bank of America
Building
Planned Future Atlantic Ocean
Mixed-Use Development Las Olas
Riverhouse
110 Tower
Future All-Aboard
Florida Station
Broward
Government Center
Planned High-Rise
Mixed-Use Development
New River Central
Florence C Hardy Park
& Southside Cultural Center An
dre
ws
Ave
nue
Broward Health Center
N
10 | Cushman & Wakefield | Executive SummaryDowntown CBD - 5.3 million
Broward Performing The AutoNation square feet of office
Arts Center Building
Las Olas
Riverhouse Las Olas Amaray
Symphony Future All-Aboard
200 East Grand Las Olas
Condominium Florida Station
Las Olas
New River
Yacht Club
Vu
New River
La
110 Tower
s
O
New River Central
la
s
B
ou
v
le
ar
d
Broward
Government Center
Capital
Bank Center
venue
n ue
ve
NORTH-NORTHWEST VIEW
sA
Third A
w
re
A nd
The Queue
Apartments
N
Executive Summary | Cushman & Wakefield | 1102 DEVELOPMENT
OVERVIEWTHE
DEVELOPMENT
DEVELOPMENT OVERVIEW TYPICAL FLOOR PLAN
In 2003, the city adopted the Downtown Master Plan in an effort to provide design-
related objectives and guidelines for commercial and residential development in the RAC.
The Downtown Master Plan was amended in 2007 to provide additional design guidelines
for development in the downtown area. The property is located in what the city considers
to be the Downtown Core, which has the most liberal design-related guidelines contained
in the Downtown Master Plan.
Some of the design guidelines which would be applicable to the property include the
following:
• Streetwall/Shoulder height (building is required to frame the street): 3-9 floors
• Preferred Maximum floor plate size of the tower portion:
• No maximum floor plate for the first 9 floors of building
• 32,000 sf for building area above 9 floors residential
• 18,000 sf for portions of buildings between 10 and 15 floors
• 12,500 sf for buildings greater than 15 floors
UNIT MIX
APPROVED PLANS TYPE NAME UNITS MIX SF TOTAL SF
The approved plans are for a 35-story high-rise with a small portion of retail. The plans 1BR/1BA A1 33 8% 641 21,153
show 401 units with an average of 863 square footage. The approved plans allow for an 1BR/1BA A2 33 8% 654 21,582
efficient design with a free-standing parking garage. On the following page find a profile
of the building, along with a floor plan displaying the relation between the main building 1BR/1BA A3 136 34% 750 102,000
and the garage. 1BR/1BA A4 8 2% 774 6,192
2BR/2BA B1 25 6% 953 23,825
Fully approved site plan allows
2BR/2BA B2 33 8% 990 32,670
2BR/2BA B3 68 17% 995 67,660
for super efficient design with
2BR/2BA B4 25 6% 994 24,850
2BR/2BA B5 8 2% 1,069 8,552
free standing parking garage
3BR/2BA C1 32 8% 1,178 37,696
TOTAL/AVERAGE 401 100% 863 346,180
14 | Cushman & Wakefield | Development OverviewSITE PLAN 1
A116
Issue:
PERMIT SET
Date:
XX-XX-2015
163'-10"
35'-8" 126'-10" 37'-0" 35'-8"
10'-0"
8'-0"
26'-0"
35'-0"
35'-0"
25'-0" 25'-0"
PL
5'-0"
17'-0"
25'-0"
9'-0"
25'-0"
EL. + 0'-0"
NAVD + 7'-0"
68'-0"
C
A115
87'-6"
WASHINGTON D.C.
P: 202.776.0400
F: 202.776.9347
EL. + 0'-0"
NAVD + 7'-0"
2
A116
FORT LAUDERDALE
EL. + 0'-0"
19'-6"
P: 954.703.7830
F: 954.524.8604
NAVD + 7'-0"
2"
2" E.J.
18'-0"
209'-10"
P: 216.468.1850
F: 216.464.3610
110'-0"
CLEVELAND
LANDING INBOUND STACKING
EL. + 5'-0" 5 SPACES
PL
24'-0"
24'-0"
PARKING
20'-0" GARAGE
EL. + 0'-0"
ENTRY/EXIT
NAVD + 7'-0"
10'-1"
PL
36'-10"
122'-2"
122'-2"
26'-10"
8'-8" 24'-0"
18'-0"
EL. + 0'-0"
NEW RIVER CENTRAL, LLC
NAVD + 7'-0"
NEW RIVER CENTRAL
FORT LAUDERDALE, FL
ALL RIGHTS RESERVED
EL. + 0'-0"
100 SW 6TH STREET
24'-0"
24'-0"
NAVD + 7'-0" A
LANDING A114
EL. + 8'-8 1/2"
18'-0"
18'-0"
PL
20'-1" 5'-0" 10'-0" 11'-1" 25'-0"
163'-10"
35'-1" 36'-1"
B D
A114 A115
Date:
LOOR PLAN
Checked:
Development Overview | Cushman & Wakefield | 1503 AREA
OVERVIEWTHE
NEIGHBORHOOD
AREA OVERVIEW
Downtown Fort Lauderdale has become a world-class city. The city has transitioned from the
vacation-inspired hotspot to a leading economic driver in South Florida. In the past decade,
Downtown Fort Lauderdale has experienced astonishing growth by leveraging its unique position
as:
• One of the Top 25 Best Places to Live
• One of the Top 10 Best Downtowns in the U.S.
• A centralized location within the South Florida metropolitan area
• Home to 5.3 million square feet of office space
• A first choice living destination for the professional class
• A future stop for All-Aboard Florida’s Brightline and Wave projects
• The home of Broward Center for the Performing Arts
• A live-work-play city with easy access to beaches and golf
As a result of its rare mix of lifestyle amenities, downtown continues to attract outstanding new
corporate residents and discerning professionals. For many young professionals and discretionary
renters, the recent increase in supply has given extra incentive to rent in the downtown area.
While supply has increased, demand has been astonishing, with new properties achieving record-
breaking stabilization. Rent growth has been driven by an influx of new residents to the area.
Parallels can be drawn to Downtown Miami and Mary Brickell Village in the mid-2000s – a
condominium building spree eventually brought thousands of renters to a then quiet city. This
population exploded by 163% from 2000 to 2014, an increase of over 29,000 people. As the influx
of residents moved to the CBD, restaurants and nightlife blossomed and today’s downtown Miami
is drastically different than it was five to seven years ago. With more people seeking the live-work-
play urban lifestyle, Fort Lauderdale has begun its urban renaissance.
18 | Cushman & Wakefield | Area OverviewDowntown Fort Lauderdale is committed to its future growth. A critical mass of residential
projects have brought life to the downtown Fort Lauderdale neighborhoods. With the growth of
Flagler Village, South of the River, and the Las Olas and central business district neighborhoods,
the city is transforming into a vibrant and diverse 18-hour city. All asset classes are participating
in downtown’s growth, with new hospitality, retail, condominium, and office projects recently
completed or under construction.
With a strong migration of suburban office tenants to downtown over the last four years, the
downtown office market has a current vacancy rate of 9.8%; some of the lowest in 15 years. Due
to this tightening market, Crocker Partners has proposed 234,000 sf office building and Stiles
has proposed a 300,000 sf office building. These mark the first significant office developments in
downtown since 2007.
In addition to vertical development, various public and private projects are focused on modernizing
the city’s transportation network. All Aboard Florida’s Fort Lauderdale station has topped off
construction and will help foster transportation between the urban core of Miami, West Palm
Beach and Orlando. Fort Lauderdale will also install a 2.7-mile public streetcar system called
The Wave that will provide greater connectivity within and outside the CBD. Fort Lauderdale is
positioning itself to be a fully integrated city for the future.
For affluent young professionals and empty nesting boomers, having a walkable location is a
high priority. New River Central provides easy on-foot access to retail, restaurants, coffee shops,
entertainment venues, and night life. Life’s necessities are close by, creating the “car optional”
environment people want today. This is evidenced by a walk score of 83 out of 100 according to
walkscore.com. Residents have endless social opportunities that include city sponsored events
like Las Olas Art Fair, Las Olas Food and Wine Festival, and the weekly Green Market. The Broward
Center for the Performing Arts is one of the top 10 most visited theaters in the world and offers
major productions throughout the year. Area parks and the Riverwalk provide residents a place to
unwind, while the beach is a short bike ride away.
Fort Lauderdale is transforming
into a vibrant and diverse
18-hour city. All asset classes are
participating in the city's growth.
Area Overview | Cushman & Wakefield | 19SUNRISE BOULEVARD
Victoria Park/Sunrise Harbor
Homes Up To $7M
Flagler Village
Millennial/Creative District
Las Olas Isles/Colee Hammock
Homes Up To $25M
Himmarshee
Arts & Entertainment
Downtown CBD Beaches/Resorts
Major Resorts Include:
LAS OLAS BOULEVARD
Ritz Carlton,
W Fort Lauderdale,
Marriott Harbor Beach,
New River Central And Four Seasons
Rio Vista/Harbor Isles
Homes Up To $32M
Government/Hospital
20 | Cushman & Wakefield | Area OverviewTHE
NEIGHBORHOOD
DOWNTOWN CBD GOVERNMENT/ THRIVING HOME
HOSPITAL DISTRICT MARKET
The downtown CBD of Fort Lauderdale has South of the New River, the Government Single-family homes and townhomes within
a total of 5.3 million square feet of office offices are concentrated around the Broward the vicinity of downtown command strong
space and with low vacancy rates, new County Judicial Complex and employ pricing as highlighted by an average home
office construction is anticipated in the near thousands of government workers. The values of $677,195 within one mile of New
term. Over the last five years, Cushman and recently completed 712,000 square feet River Central. To the north and east of
Wakefield has tracked over 50 companies, Broward Courthouse highlight the growing downtown, old houses in Victoria Park and
representing over 400,000 square feet, needs of the city. Just under one mile south Colee Hammock are being replaced with
that have relocated to downtown from of New River Central, the Broward Health million dollar homes and townhomes. Within
other office markets. As quality of life issues Center is one of Broward County’s largest the areas of Rio Vista, Harbor Isles, and Las
become more important, the CBD is poised to hospitals with 716 beds and over 4,000 Olas Isles, waterfront homes reach well into
further attract interest due to the rich cultural employees. the millions.
opportunities available and key arterial
linkages throughout the metro area.
Area Overview | Cushman & Wakefield | 21THE
NEIGHBORHOOD
LAS OLAS BOULEVARD HIMMARSHEE FLAGLER VILLAGE BROWARD CENTER FOR
PERFORMING ARTS
The history of Las Olas Boulevard dates Himmarshee is a thriving entertainment With the addition of new apartments in Ranked among the top ten most visited
back to the early 1900s and has always been district with unique ambiance and vibrant Flagler Village, the area has become its own theaters in the world, the Center presents
the soul of Fort Lauderdale. It has become nightlife. The area caters to millennials and extension of the downtown CBD. With the more than 700 performances each year to
Fort Lauderdale’s most famous destination young professionals and is the “place to be” nearby Flagler Arts and Technology “Fat over 600,000 patrons.
for shopping, fine dining and nightlife. The on Friday and Saturday nights. Some of the Village” the area has become the hip and
commercial area spans over 10 blocks and more notable businesses in the area include: artsy destination in the city. With events
comes alive daily with bars, clubs, boutiques, Tarpon Bend, Public House, America’s throughout the year and monthly art walks
art galleries and restaurants. In addition Backyard, and Revolution Live - a 28,000 sf that mimic Miami, the area is going through
to its diverse array of businesses, Las Olas live music venue. a gentrification that will attract many young
Boulevard is also home to many large scale professionals.
events each year that draw tremendous
numbers of locals and tourists alike.
Distance: 0.3 miles Distance: 0.4 miles Distance: 0.8 miles Distance: 0.4 miles
22 | Cushman & Wakefield | Area OverviewHUIZENGA PLAZA NSU ART MUSEUM MUSEUM OF DISCOVERY RIVERWALK
AND SCIENCE
A 1.8 acre riverfront park with a 150-seat The 83,000 sf museum houses various The museum caters to children with more than A lush, 2.5-mile linear public park that is a hub
amphitheater that host various events and collections of world art with exhibits and 450,000 visitors annually. It focuses on science for art, shopping, dining, and entertainment.
activities throughout the year. events throughout the year. and nature exhibits and features the biggest The city is committed to connect the west
IMAX screen in South Florida. end of the park to Las Olas Boulevard to
make it an active part of downtown.
Distance: 0.3 miles Distance: 0.2 miles Distance: 0.4 miles Distance: 0.2 miles
Area Overview | Cushman & Wakefield | 23FORT LAUDERDALE BEACH
New River Central is two miles from Fort Lauderdale beach, with its seven miles of sparkling
coastline. The award-winning wave wall and signature beachfront promenade highlight Fort
Lauderdale’s world famous coast, which is punctuated by an array of shops, restaurants, and
sidewalk cafes. The hotels, restaurants and bars along A1A attracts tourists and residents throughout
the year and provide a variety of entertainment options, both day and night. New capital has
entered the area with hotels and condominiums under development, There are over 700 new
hotel rooms planned including the 175-room AC Marriott and the 150-room Four Seasons.
24 | Cushman & Wakefield | Area OverviewArea Overview | Cushman & Wakefield | 25
DOWNTOWN EVENTS Fort Lauderdale has a plethora of events throughout the year that cater to local residents. From the weekly Green Market and Jazz Brunch to annual events such as Winterfest Boat Parade, Christmas on Las Olas and the St. Patty’s Day Parade. 26 | Cushman & Wakefield | Area Overview
WAVE STREETCAR
The Wave Streetcar is an eco-friendly transit system located in Downtown Fort
Lauderdale that perfectly encapsulates the city’s desire to capitalize upon its high level
of walkability. The concept of the five car, 2.8-mile rail will begin construction in 2017.
It will connect major employment and primary activity centers in Fort Lauderdale. This
system will allow residents to commute through the city faster and more efficiently than
ever before. The Wave will run seven days a week with trains running every 7.5 minutes
during weekday peak periods and every fifteen minutes during evenings and weekends.
It will serve the areas of Flagler Village, the Downtown Core, South Side Neighborhood,
and the Hospital.
Wave Streetcar
stop planned less
than 400 feet
away from New
River Central
Area Overview | Cushman & Wakefield | 27ALL ABOARD FLORIDA/BRIGHTLINE One of the largest and most notable projects within Florida is All Aboard Florida’s Brightline project. This passenger rail service will revolutionize transportation within Florida by providing a railcar that travels from Miami to Orlando, with stops in Fort Lauderdale and West Palm Beach. According to Economy.com, the median South Florida commuter now spends as much time getting to work as drivers in Los Angeles. Brightline will allow residents of Fort Lauderdale to easily commute to downtown Miami and Fort Lauderdale. All three South Florida stations are currently under construction. The Fort Lauderdale station will be located on 4.8 acres of land. With up to 1 million square feet of transit-oriented development the station and platform will vitalize an area of Fort Lauderdale which is currently being underutilized. This will be a boon that drives visitors into the downtown and surrounding areas, providing economic stimulation and facilitate additional growth. The Wave Streetcar will facilitate travel from the downtown core to the Brightline station. The rail is expected to be running by the middle of 2017. Fort Lauderdale is poised to benefit immensely from large-scale transportation infrastructure, enhancing the city's connectivity 28 | Cushman & Wakefield | Area Overview
PORT EVERGLADES
Located In the heart of Greater Fort Lauderdale, Port Everglades is one of the top three
cruise ports in the world, is among the most active containerized cargo ports in the United
States and South Florida’s main seaport for petroleum products such as gasoline and jet
fuel. The port currently supports 13,322 direct jobs and a total of 224,054 statewide jobs.
The port has identified $1.6 billion in capital investment projects over the next 20 years
to improve its productivity. The Intermodal Container Transfer Facility, a public-private
partnership with Florida East Coast Railway opened in 2014 to facilitate the transportation
of container via the railway. This has helped to alleviate congestion of trucks at the port
and on South Florida roadways. Additional projects involve the deepening and widening of
navigation channels and the lengthening of slips to accommodate the Post-Panamax ships
that will start to sail through the Panama Canal.
FT. LAUDERDALE INTERNATIONAL AIRPORT
The Fort Lauderdale International Airport (FLL) services over 73,000 passengers each day and over
26.9 million people annually. FLL is ranked 21st in the U.S. in total passenger traffic with 12,500 direct
jobs, and 139,920 total jobs. It was the fourth fastest growing airport in the U.S., behind Seattle,
Washington Reagan, and Chicago). The airport has seen its largest increase in passenger traffic from
international destinations. International passenger volume now represents 20.4% of all enplanements
as compared to 9.4% in 2005. With the continued growth in Fort Lauderdale, improvements are
underway to support the anticipated future demand. These improvements include a new runway,
terminal expansion, terminal modernization, and the addition of new gates. A total of all projects is
anticipated to cost $2.4 billion and be complete by 2018.
Area Overview | Cushman & Wakefield | 29A NOTE ABOUT MULTIFAMILY SUPPLY
Parallels can be drawn to downtown Miami/Brickell – in the mid 2000s, a condominium building spree eventually brought thousands of
renters to a then quiet city. As the influx of residents moved to the CBD, restaurants and nightlife blossomed and today’s downtown Miami
is drastically different than it was five to seven years ago. Within Fort Lauderdale, new apartments will continue to transform the CBD.
30 | Cushman & Wakefield | Area OverviewNEW AND PROPOSED DOWNTOWN FORT LAUDERDALE OFFICE DEVELOPMENTS
BROWARD COUNTY COURTHOUSE 550 BUILDING CROCKER OFFICE BUILDING STILES OFFICE BUILDING
Developer: Broward County Developer: Blackhawk Properties and Developer: Crocker Partners Developer: Stiles
Investments
Completed: January 2017 Estimated Completion: 2018 Estimated Completion: 2019 Estimated Completion: 2019
Amid the Broward County Government Blackhawk bought the parcel at 550 South Crocker Partners are working on plans Stiles purchased a former Bank of America
Center is a new 20-story, 714,000 square Andrews Avenue for $3.6 million in 2013. for a 234,000 square foot, 15-story office drive-through ATM parcel for $13.8 million
foot courthouse. The building has just After demolishing the existing on-site building just south of Broward Boulevard. in October of 2016. They are working on
finished, with the move-in process to the building, they are set to begin construction plans to build a 300,000 square foot office
new tower currently underway. The move is on an 86,257 square foot office building building on the site.
expected to be complete in March of 2017. with 14,000 square feet of retail and
restaurant on the ground floor.
Area Overview | Cushman & Wakefield | 3104 DOWNTOWN FORT LAUDERDALE
MULTIFAMILY OVERVIEWBROWARD BOULEVARD
AMARAY LAS OLAS
1 215 SE 8TH AVE
FORT LAUDERDALE, FL 33301
1
LAS OLAS BOULEVARD
NEW RIVER YACHT CLUB
2 400 SW 1ST AVE
FORT LAUDERDALE, FL 33301
2 Tar
SOUTHWEST FLAGLER AVENUE
po
n Riv
er
ANDREWS AVENUE
3
VU NEW RIVER
3 510 SE 5TH AVENUE
New River Central
FORT LAUDERDALE, FL 33301
Apartment rental comps sorted by rent PSF
34 | Cushman & Wakefield | Multifamily OverviewRENTAL
COMPS
KEY DOWNTOWN FORT LAUDERDALE TRENDS:
• MARKET OCCUPANCY : 96%
• AVERAGE HOUSEHOLD INCOME : $111,292
• POPULATION GROWTH 2016-2021 : 9.1%
AVG.
PROPERTY YEAR BUILT UNITS OCCUPANCY EFF RENT EFF RENT/SF
UNIT SIZE
1 Amaray Las Olas 2016 254 95% 1123 $3,503 $3.12
2 New River Yacht Club 2014 248 94% 933 $2,540 $2.72
3 Vu New River 2015 209 96% 1,034 $2,682 $2.59
Total/Average 711 95% 1,031 $2,926 $2.84
Apartment rental comps sorted by rent PSF
Multifamily Overview | Cushman & Wakefield | 35MARKET EFFECTIVE EFFECTIVE
UNIT TYPE UNITS SIZE (SF)
RENT RENT RENT/SF
RENTAL 1BD/1BA 17 768 $2,510 $2,510 $3.27
COMPS 1BD/1BA 3 841 $2,187 $2,187 $2.60
Studio 5 897 $2,376 $2,376 $2.65
1BD/1BA 17 918 $2,958 $2,958 $3.22
AMARAY LAS OLAS 1BD/1BA 17 948 $2,881 $2,881 $3.04
1BD/2BA 5 953 $2,798 $2,798 $2.94
215 SE 8th Ave
Fort Lauderdale, FL 33301 1BD/1.5BA 18 953 $2,798 $2,798 $2.94
1BD/1.5BA 5 994 $3,219 $3,219 $3.24
2BD/2BA 2 1,031 $3,014 $3,014 $2.92
2BD/2BA 18 1,031 $3,014 $3,014 $2.92
2BD/2BA 2 1,055 $3,501 $3,501 $3.32
1
2BD/2BA 18 1,055 $3,501 $3,501 $3.32
2BD/2BA 4 1,140 $2,979 $2,979 $2.61
2BD/2BA D 1 1,162 $3,564 $3,564 $3.07
2BD/2BA D 18 1,162 $3,564 $3,564 $3.07
2BD/2BA D 17 1,162 $3,564 $3,564 $3.07
PROPERTY INFORMATION
1BD/2BA D 10 1,164 $3,644 $3,644 $3.13
Year Built 2016 2BD/2BA 3 1,205 $3,139 $3,139 $2.60
2BD/2BA D 1 1,235 $3,401 $3,401 $2.75
Stories 30
2BD/2BA D 18 1,235 $3,401 $3,401 $2.75
Occupancy 95% 2BD/2BA D 17 1,295 $3,324 $3,324 $2.57
Total Units 254 2BD/2BA 5 1,300 $4,914 $4,914 $3.78
2BD/2BA 5 1,365 $5,729 $5,729 $4.20
Avg Unit Size 1,123 2BD/2BA 1 1,365 $5,729 $5,729 $4.20
Water/Sewer Metered 2BD/2BA 3 1,388 $3,609 $3,609 $2.60
3BD/3BA 5 1,434 $6,204 $6,204 $4.33
Trash $15
3BD/3BA 1 1,434 $6,204 $6,204 $4.33
City & Tower - 1 unreserved space 2BD/2BA 4 1,542 $4,024 $4,024 $2.61
Parking Estate - 1 reserved and 1 unreserved space
2BD/2.5BA 10 1,630 $5,569 $5,569 $3.42
Penthouse - 1 garage and 1 reserved
3BD/3BA 1 1,650 $7,550 $7,550 $4.58
Owner Stiles/Rockefeller Group
3BD/3BA 1 1,743 $7,299 $7,299 $4.19
Manager Greystar 3BD/4BA 1 2,038 $8,544 $8,544 $4.19
3BD/3.5BA 1 2,450 $9,344 $9,344 $3.81
Website amaraylasolas.com
Totals 254 1,123 $3,503 $3,503 $3.12
PRESUMED RENT PREMIUM $3,643 $3.24
36 | Cushman & Wakefield | Multifamily OverviewNEW RIVER YACHT
CLUB
MARKET EFFECTIVE EFFECTIVE
UNIT TYPE UNITS SIZE (SF)
RENT RENT RENT/SF
400 SW 1st Ave
Fort Lauderdale, FL 33301 Studio 2 475 $1,541 $1,541 $3.24
Studio 2 658 $1,756 $1,756 $2.67
Studio 1 668 $1,756 $1,756 $2.63
Studio 1 728 $1,893 $1,893 $2.60
2 Studio 1 744 $1,966 $1,966 $2.64
1BD/1BA 17 622 $1,929 $1,929 $3.10
1BD/1BA 35 680 $1,979 $1,979 $2.91
1BD/1BA 2 840 $1,972 $1,972 $2.35
1BD/1BA 22 722 $2,025 $2,025 $2.80
PROPERTY INFORMATION
1BD/1BA 9 758 $1,998 $1,998 $2.64
Year Built 2014 1BD/1BA 6 820 $2,034 $2,034 $2.48
1BD/1BA 22 872 $2,288 $2,288 $2.62
Stories 26
1BD/1BA 4 922 $2,201 $2,201 $2.39
Occupancy 94% 2BR/2BA 21 1,005 $2,449 $2,449 $2.44
2BD/2BA 22 1,022 $2,589 $2,589 $2.53
Total Units 248
2BD/2BA 20 1,095 $2,700 $2,700 $2.47
Avg Unit Size 933 2BD/2BA 22 1,098 $2,931 $2,931 $2.67
Water/Sewer Metered 2BD/2BA 15 1,140 $2,825 $2,825 $2.48
2BD/2BA 4 1,178 $2,973 $2,973 $2.52
Trash Included in rent 2BD/2BA 1 1,202 $3,150 $3,150 $2.62
1 & 2BD - One space included 2BD/2BA 1 1,362 $3,151 $3,151 $2.31
Parking 3BD - Two spaces included 2BD/2BA 4 1,416 $3,304 $3,304 $2.33
Extra space - $100 each
3BD/2BA 13 1,472 $3,684 $3,684 $2.50
Owner Related Group 3BD/2BA 1 1,573 $4,975 $4,975 $3.16
Manager Related Group Totals 248 933 $2,442 $2,442 $2.62
PRESUMED RENT PREMIUM $2,540 $2.72
Website www.lasolasapartmentsftlauderdale.com
Multifamily Overview | Cushman & Wakefield | 37VU NEW RIVER
510 SE 5th Avenue
Fort Lauderdale, FL 33301
MARKET EFFECTIVE EFFECTIVE
UNIT TYPE UNITS SIZE (SF)
RENT RENT RENT/SF
1BD/1BA 15 718 $2,070 $2,070 $2.88
1BD/1BA 15 726 $2,038 $2,038 $2.81
3 1BD/1BA 15 737 $2,103 $2,103 $2.85
1BD/1BA 1 772 $1,930 $1,930 $2.50
1BD/1BA 15 805 $2,154 $2,154 $2.68
1BD/1BA 15 810 $2,220 $2,220 $2.74
1BD/1BA 1 823 $1,990 $1,990 $2.42
PROPERTY INFORMATION
1BD/1BA 14 890 $2,488 $2,488 $2.80
Year Built 2015 1BD/1BA 1 890 $2,488 $2,488 $2.80
1BD/1BA 15 1,046 $2,742 $2,742 $2.62
Stories 18
1BD/1BA 1 1,080 $2,415 $2,415 $2.24
Occupancy 96% 1BD/1BA 13 1,085 $2,649 $2,649 $2.44
2BD/2BA 13 1,107 $2,686 $2,686 $2.43
Total Units 209
2BD/2BA 15 1,204 $2,814 $2,814 $2.34
Avg Unit Size 1,034 2BD/2BA 14 1,235 $2,846 $2,846 $2.30
2BD/2BA 1 1,281 $2,640 $2,640 $2.06
Water/Sewer Metered
2BD/2BA 15 1,319 $3,675 $3,675 $2.79
Trash $15 3BD/2BA 15 1,372 $3,365 $3,365 $2.45
3BD/2BA 15 1,458 $3,825 $3,825 $2.62
Parking $100/mo per car valet
Totals 209 1,034 $2,682 $2,682 $2.60
Owner Met Life PRESUMED RENT PREMIUM $2,789 $2.70
Manager American Land Ventures
Website www.vunewriver.com
38 | Cushman & Wakefield | Multifamily OverviewAffiliated Business Disclosure and Confidentiality Agreement
This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality
Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the
sole purpose of evaluating the possible investment in 123 Address Lane, City, State (the “Project”), and is not to be used for any other purpose or made available
to any other party without the prior written consent of Alexander Development Group (“Managing Member”), or its exclusive broker, Cushman & Wakefield.
This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information
about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained
herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local
competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized
herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents.
While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield
nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered
on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate
the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment
in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information,
which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds,
prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman
& Wakefield nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any
other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the
right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with
or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless
and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to
Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield
as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction
relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation
or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by
any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor
or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and
may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise
reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.
©2017 Cushman & Wakefield NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE TO THE
ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT
TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE,
AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). AS APPLICABLE, WE
MAKE NO REPRESENTATION AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) IN QUESTION.
Multifamily Overview | Cushman & Wakefield | 39Investment
CONTACTS
ROBERT GIVEN
Vice Chairman
+1 954 377 0513
robert.given@cushwake.com
TROY BALLARD
Senior Managing Director
+1 954 377 0514
troy.ballard@cushwake.com
ZACHARY SACKLEY
Executive Managing Director
+1 954 377 0515
zachary.sackley@cushwake.com
AARON MANDEL
Financial Analyst
+1 954 377 0516
aaron.mandel@cushwake.com
CUSHMAN & WAKEFIELD OF FLORIDA, INC.
515 East Las Olas Boulevard
Suite 860
Fort Lauderdale, Florida 33301
40 | Cushman & Wakefield | Multifamily OverviewYou can also read
