New River I & II – MAXIMIZED ENTITLEMENTS
|Location||SE 5th Avenue, Fort Lauderdale FL 33301|
|# of Units||649|
|Principals||American Land – Granvil Tracy, President|
|Investment Partner||Mark Peterson, Bank of America & Paul Deschamps, LaSalle Bank|
|Completed||NRV I: 2001 NRV II: 2006|
- No new multi-family developments constructed in downtown Ft. Lauderdale in more than 35 years.
- Prior site-use proposed by other parties proved economically impractical and were abandoned.
|The Solution||ALV stepped in and reconceived the site-use as a residential village – the first of its kind in South Florida. Recognizing the demand for downtown housing, we increased the previous proposed concept from 276 to 902+ residential units which proved to be economically viable.|
|The Results||MAXIMIZED ENTITLEMENTS – By proposing an innovative and economically sound plan that was in-line with the city’s goals, we were able to creatively renegotiate entitlements and ultimately construct downtown Fort Lauderdale’s first new multi-family development in more than 35 years. As a result, both the residents and the city discovered a brand new take on urban living.|