Fort Lauderdale, Fla.—Cavache Properties has closed on a 1.1-acre vacant parcel at 3030 North Ocean Blvd. in Fort Lauderdale, on which it plans to develop a for-sale multifamily property. Cavache paid $3.3 million for the site.
Located in the Lauderdale Beach neighborhood, the property, 30 Thirty N. Ocean, will be a boutique condominium a few blocks from two beach access points. The company plans to develop the condos in two five-story buildings featuring 24 two-level units, plus a ground-floor garages.
Common amenities for the proposed property include resort-style swimming pool, spa, clubhouse with kitchen, dining, bar, TV lounge, billiards, sauna and gym. Designed by the Adache Group Architects, all units at 30 Thirty N. Ocean will feature three bedrooms and three and a half bathrooms, and range in size from 2,140 square feet to 2,300 square feet.
Cavache managing partner Adam Adache noted that “as the Miami market continues to boom with sales prices well exceeding $1,000 per square foot on many of its coastal projects, we look forward to attracting buyers willing to go a few miles north to access the same luxury for half the price.”
Deerfield Beach, Fla.-based Cavache Properties is currently nearing completion of its 14th & Ocean, a 21-townhome community in Pompano Beach where only five units remain available. The company is also in the pre-construction sales phase for Waterford at Bridgewater Crossing, a 27-unit townhome subdivision in Davenport, a suburb of Orlando.