Continua Developments Snags $28M to Build in Fort Lauderdale
This is the Colombian developer's first project stateside.
Continua Developments has obtained a $28 million construction loan for the development of Urbania Flagler 1st Ave., a 110-unit mid-rise apartment community located in the Flagler Village neighborhood of Fort Lauderdale, Fla.
The loan was provided by Goldman Sachs and facilitated by JLL Capital Markets, which worked on behalf of Continua. JLL Capital Markets Debt Advisory team, representing the borrower, was led by Managing Director Max La Cava, Director Jimmy Calvo and Director Kenny Cutler.
The 11-story tower, designed by architecture firm G3AEC, will offer studios, as well as one- and two-bedroom units. There will be 3,875 square feet of commercial and retail space at the ground level.
Amenities will include a gym, social and coworking spaces, as well as an outdoor pool, deck and hot tub. The bottom three floors of the building will provide parking space for 137 vehicles.
Continua Developments, headquartered in Colombia, has delivered more than 62,200 apartments to market, mostly in its home country. It is one of Colombia’s largest development companies.
READ ALSO: Despite Turmoil, Foreign Buyers Can’t Resist US Multifamily
In recent years, the company has set its sights on the United States, mainly in South Florida. Other U.S. projects that Continua is planning include the 195-unit Urbania NoMi 125th St., the 240-unit Urbania NoMi 6th Ave. and the 644-unit Urbania Hialeah, all in south Florida.
No sign of slowing down
South Florida’s multifamily sector remained resilient during the first half of 2025, with vacancies increasing a bit during the second half compared with the first, according to data from Lee & Associates. In the second quarter, openings in the market totaled 6.3 percent, up from 6 percent quarter-over-quarter and 6.2 percent year-over-year.
Demand is still strong, too. For the 12 months ending in the second quarter of 2025, a net of 17,623 units were absorbed. In the second quarter of 2024, that number was 13,575 units, Lee & Associates reported.
Developers have certainly taken notice. The number of units under construction in Q2 2025 was 43,296, down moderately from 44,715 units a year earlier. New projects in Fort Lauderdale include Andare Residences Design by Pininfarina, a 46-story residential tower in Fort Lauderdale by Related Group.
