Dependable Equities, a New York-based developer, has secured $54 million in pre-development financing for a two-tower residential project in Fort Lauderdale, Florida. CDK Capital provided the bridge financing, which covers a site at 101 Southeast Seventh Street and 633 Southeast Third Avenue. The location is south of the Broward County courthouse, precisely between the New River and Tarpon River.
The planned development spans approximately 185,800 square metres (2 million square feet) and is set to comprise 1,460 residential units. A mix of condominiums and rental properties is envisioned. Additionally, 1,300 square metres (14,000 square feet) of retail space is planned for the ground floor. Each of the two towers is expected to be 45 storeys high. Construction is scheduled to commence in early 2028.
Location and Acquisition
Dependable Equities acquired the plot for the project in 2022 for $40 million. The project's strategic location between two rivers and near key infrastructure underscores the attractiveness of the site in growing Fort Lauderdale.
Further Projects in Fort Lauderdale
Dependable Equities, a company affiliated with Sky Equity Group and founded by Isaac Schlesinger and Simon Dushinsky, has another significant project in its pipeline in Fort Lauderdale. This venture, named 'Ombelle', will comprise 754 condominiums spread across two 44-storey towers. Sales activities for 'Ombelle' already began in 2024. In April of this year, Dwight Mortgage Trust provided $50 million in pre-development financing for this project.
Dependable Equities' continued investments reflect confidence in the Fort Lauderdale real estate market, particularly in the residential development segment. The size and scope of these projects significantly contribute to urban development and the creation of new housing in the region.
