US property developer Alta Developers has secured a 140.2 million dollar construction loan for an upscale residential high-rise in Fort Lauderdale, Florida. Mortgage records indicate that JVP Management is acting as administrative agent. The lender assumed an existing liability of 10.4 million dollars and increased it by 129.8 million dollars.
Named Alta New River, the scheme comprises 400 rental apartments and an adjoining nine-storey parking garage. The planned tower will stand 35 storeys tall and will be constructed at 100 Southwest Sixth Street. The site is situated directly east of the Brightline railway tracks, roughly two blocks south of the New River close to the city centre. The average unit size is around 840 square feet, which equates to just under 78 square metres.
Construction under way with completion scheduled for 2028
Work on the approximately one-acre site commenced a few days ago. Project completion is scheduled for the fourth quarter of 2028. Construction firm Kaufman Lynn Construction has been appointed as the general contractor. Miami-based Alta Developers acquired the plot in 2022 for a purchase price of 20.8 million dollars.
Anthony Shaskus, head of loan strategies at JVP Management, said that Alta New River represented precisely the sort of well-connected and sophisticated project the firm aimed to finance. He added that downtown Fort Lauderdale continues to see reliable tenant demand for new developments offering extensive communal spaces and modern amenities.
Market conditions and South Florida pipeline
Average rents in Fort Lauderdale remained stable over the past year, standing at around 2,250 dollars per month according to surveys by the portal Apartments.com. Other schemes in the multifamily segment include a two-tower complex by Dependable Equities and a development by Grover Corlew near the corporate headquarters of Citrix, for which 92 million dollars in construction financing was secured.
Led by Raimundo Onetto, Alta Developers focuses primarily on residential schemes across the South Florida metropolitan area. The company recently completed the luxury condominium tower Casa Bella Residences by B&B Italia in Miami in partnership with the Related Group. In addition, the developer secured a 60 million dollar construction loan for another residential project comprising 308 units in the southern part of Miami-Dade County.
