New River Central, a luxury apartment tower set to rise in downtown Fort Lauderdale, is a step closer to fruition after the developers secured the site.
Silverback Development and Bizzi & Partners Development are working on the 35-story, 401-unit project on Southwest Sixth Street west of a Publix supermarket after paying $12 million for the 45,124-square-foot property.
The developers bought the adjacent properties at 100-132 SW Sixth St.; 608, 612 and 614 SW Flagler Ave.; 609 SW First Ave.; and another property on Flagler Avenue, according to Broward County property appraiser’s records.
They also are a block west of the Broward County Courthouse and about three blocks south of the New River.
“We look forward to delivering a world-class residential building to Fort Lauderdale’s rapidly transforming downtown neighborhood,” Josh Schuster, managing principal of Silverback Development, said in an emailed release.
The area has experienced a resurgence of new projects, residential and otherwise, in recent years. Property Markets Group is building two residential towers with 1,200 units north of New River Central and west of Andrews Avenue.
East of there, Stiles Corp. is developing a 27-story, 348-unit apartment at 212 SE Second Ave. The Related Group about three months ago finished Icon Las Olas, a 45-story luxury apartment building at 500 E. Las Olas Blvd. And Merrimac Ventures expects to complete the 202-room Flagler Village Hotel early next year on the southwest corner of Brickell Avenue and Northwest Fourth Street.
The $125 million New River Central will include a nine-story garage with 477 parking spots, 5,500 square feet for retail and 20,000 square feet of amenities. Construction is slated to start during the fourth quarter.
“With New River Central, we are creating a unique product in one of the most desirable residential markets in South Florida,” Steven Della Salla, managing principal of Bizzi & Partners Development, said in a release. “Fort Lauderdale is undergoing a major transformation, and we look forward to working with Silverback Development to bring a state-of-the-art, luxury building to what is now the fastest-growing rental market in the country.”
This is Silverback Development’s first project in South Florida and Bizzi & Partners’ second. It’s also developing Eighty Seven Park, a 66-unit residential building at 8701 Collins Ave. in Miami Beach.
Bizzi & Partners has developed in the U.S., Europe and Latin America. One of its current projects is the $4.5 billion mixed-use Milanosesto in Milan, according to a release.
In New York, Silverback Development is finishing a seven-story luxury condominium that includes the conversion of a three-story garage.