The 321 Water’s Edge condominium rising on the Intracoastal Waterway in Fort Lauderdale is to be finished by early 2019 after previous plans to build on the site failed.
Boca Raton-based developer SobelCo Inc. obtained a $26 million construction loan from Goldman Sachs Bank USA in January, shortly after the project’s groundbreaking.
Construction of the 11-story tower at 321 N. Birch Road started last month on the barrier island, nearly three years after SobelCo bought the site.
The building will have 23 units, either two or three bedrooms, with spacious floor plans measuring 2,600 to 3,800 square feet.
The look, layout and feel of the condos is to be more like single-family homes, said Tirso San Jose, vice president of residential development with SobelCo.
“We are really marketing the project as single-family homes in the sky,” San Jose said. “It’s not your typical narrow condo that you are used to seeing in the marketplace. A lot of the condominiums are very narrow and tunnel-like. These are wide and are laid out basically to look like a single-family home.”
The targeted buyer owns a large singe-family home and is looking to downsize but not by much, San Jose said.
Prices range from $1.95 million to $3.3 million. Eight units are under contract, and negotiations are ongoing for another three, San Jose said.
Two developers had plans to build on the site before SobelCo, the Sun Sentinel has reported.
SobelCo bought the site in May 2015 for $10 million, according to the Broward County property appraiser’s office.
By then, the City Commission had approved development, San Jose said.
SobelCo finished architectural plans, pulled permits and amended the original plan to add one more unit, he added.
“We were just waiting for the right time in the marketplace to go vertical although we had the approval,” San Jose said.
Features include master bedrooms with two bathrooms and walk-in closets, floor-to-ceiling windows, custom cabinets and quartz countertops, according to media releases.
Amenities available to residents include a gym, pool, Jacuzzi, saunas, picnic area, an onsite dog park as the condo is pet-friendly and a private wine club with a lounge and a wine locker for each residence.
Delray Beach-based construction manager and general contractor Kaufman Lynn Construction Inc. is the builder.
321 at Water’s Edge is rising amid a flurry of residential construction both completed and ongoing in Fort Lauderdale, although most are downtown multifamily high rises.
SobelCo has another project under way in the city, the 48-unit Galleria Lofts townhouses at 1005 N. Federal Highway.
Silverback Development and Bizzi & Partners Development are working on New River Central, a 35-story, 401-unit project on Southwest Sixth Street a block west of the Broward County Courthouse and about three blocks south of the New River.
Property Markets Group is building two towers with 1,200 units northwest of Andrews Avenue and New River Central. To the east, Stiles Corp. is developing a 27-story, 348-unit apartment at 212 SE Second Ave.
In late 2017, the market was characterized by larger luxury sales, according to an analysis of the city’s residential market by Douglas Elliman, which is marketing 321 at Water’s Edge.
The average sale price for luxury condos and townhouses in 2017 increased 6 percent from 2016, while the median sale price dropped by 1 percent, according to the report.