Stiles, Rockefeller Group Break Ground on 240-Unit Tower in Fort Lauderdale
- Jul 11, 2014
Fort Lauderdale is poised to experience a first. Stiles Residential Group and The Rockefeller Group have just broken ground on a 254-unit multi-family project at 215 S.E. 8th Ave., the first ultra-luxury residential high-rise building in the city.
The 30-story tower will bring a bevy of high-end amenities and a highly coveted setting to a market that is hungry for rental accommodations across the board. The new project, sited in the desirable Las Olas Boulevard corridor, has the right features and the right address.
“There is significant demand for a large segment of the population to want to live in a more urban, walkable environment, close to offices, entertainment etcetera with less reliance on having to drive everywhere,” Jay Jacobson, president of Stiles Residential, told Commercial Property Executive.
In Fort Lauderdale, where the vacancy rate was just 5.6 percent in the first quarter according to Marcus & Millichap Real Estate Investment Services, demand drivers come from a variety of sources. “The aging baby boomer population is also looking for alternatives to the large homes they raised their families in and are not necessarily ready to tie themselves down to continued home or condo ownership but also want a rental solution that is larger, more luxurious than the typical apartment environment,” Jacobson noted.
And 215 S.E. 8th will be “more luxurious than the typical apartment environment” and not just for the two-legged residents; not only will the property offer a dog park, it will feature a pet spa. And the tower will provide a limited number of individual garage spaces, a feature not often found in rental buildings in South Florida.
The 215 S.E. 8th project enhances Stiles’ 3.5 million square-foot portfolio of commercial and real estate developments along Las Olas Blvd., and takes the company one step closer to achieving its goal of providing Broward County with a flourishing urban mixed-use environment in a downtown district.
“We have had a long commitment to downtown Fort Lauderdale having always been the predominant and preeminent developer in Fort Lauderdale–we are always looking at and evaluating additional opportunities in the urban core of Fort Lauderdale,” Jacobson added.