Fuse Group JV Lands $84M for 478-Unit Miami-Area Project
Centennial Bank provided the construction note.
A joint venture between Fuse Group and Boca Paila, a subsidiary of Grupo Krea, has obtained $84.4 million in construction financing for the development of The Arcadian, a 478-unit community in Fort Lauderdale, Fla. Centennial Bank provided the loan.
The estimated total cost of the project is $153.4 million. Other funds for the two eight-story buildings include a $10 million incentive from the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency Board of Commissioners.
The community recently broke ground and is expected to come online in less than two years. The development was also supported by the Northwest-Progresso-Flagler Heights Community Redevelopment Area.
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The Arcadian will comprise studio, one- and two-bedroom floorplans and will have 48 apartments reserved for households earning at or below 100 percent of the Broward County median family income. Additionally, the property will feature 15,000 square feet of retail space and a 212,000-square-foot parking structure.
Common-area amenities are set to include two swimming pools, a central atrium, bicycle racks, a fitness center and club rooms. The community will also have a playground, kid’s room, business center, lounge area and pet park.
The Arcadian rises on 3.4 acres at 640 NW Seventh Ave., less than 2 miles from downtown Fort Lauderdale and close to several retail and dining options. Fort Lauderdale-Hollywood International Airport will also be within 5 miles.
Fort Lauderdale’s multifamily play
Fort Lauderdale had 42 multifamily projects under construction as of May, according to Yardi Matrix information, expected to add about 11,840 units to supply. Another 225 projects were prospective or in different planning stages.
One of the current developments is Hines and Urban Street Development’s Food, Art and Technology Village, a mixed-use master-planned destination. The residential component of the project will consist of three towers totaling around 870 apartments.
Other notable milestones in the area include BTI Partner’s topping out of Hollywood Bread Building, a 362-unit luxury community in downtown Hollywood, Fla. The development is part of BTI’s efforts to revitalize the area.
