Fort Lauderdale’s Flagler Village is quickly becoming one of South Florida’s trendiest neighborhoods. With plans for several retail and rental projects, developers feel that the area is in need of more affordable condo projects. BRYL Development hopes to be the first to bring a new condo tower to the community and will present their plans to the city’s Development Review Committee tomorrow.
Flagler 626 is a 12-story building that will feature 99 units, 105 parking spaces and a pool. According to a recent article from the South Florida Business Journal, the building will be located on the 0.62-acre site at 626, 630 and 636 N.E. 1st Ave acquired by BRYL in 2014.
“We like Flagler Village a lot,” say Doron Broman, manager of BRYL along with Uri Redler, Shimon Langbart and Doron Brown. “It reminds us of Wynwood with the creativity and the artists so outside of downtown.”
Units are expected to be priced around $350 per square foot, significantly lower than condos found in Miami or Fort Lauderdale beach. Design plans show units ranging from 671 to 1,580 square feet, meaning starting prices will be in the mid-$200,000s. The building will also offer four ground-floor townhouses, 939 to 1,345 square feet in size.
“It’s a lower entry point,” Broman stated. “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 deposit model commonly used in Miami is expected at Flagler 626 as well, meaning 10% will be due at reservation, another 20% at groundbreaking, 20% during construction, with the remainder due at closing. Some industry experts question whether this model will work in Fort Lauderdale, but Broman predicts it will be successful. Flagler 626 was designed by Nest Plans’ Stewart Robin and groundbreaking is expected once 50% of units are pre-sold.
For more information about real estate in Flagler Village and surrounding areas, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.