Miami-based real estate development and construction firm Cymbal DLT Companies closed on a $32 million loan from 3650 REIT that will allow it to officially prepare for the groundbreaking of its highly anticipated billion-dollar Downtown Fort Lauderdale Riverwalk district project. The first phase of the project, Riverwalk Raintree Residences, is slated to break ground on its first building in the summer of 2023. It will include two eco-friendly, mixed-use multifamily apartment towers of 28 stories and 29 stories by acclaimed architecture firm Jo Palma + Partners, comprising 677 residential units and 21,000 square feet of commercial space. The second phase will include an Arquitectonica-designed branded condominium tower, a branded full-service hotel, a branded yacht valet and yacht club, membership clubs, and significant food and beverage operations, which will be announced next year.
Raintree Riverwalk Residences. Designed by PALMA.
“Cymbal DLT has owned the 6-acre plot of land – currently the largest undeveloped site on the Downtown Fort Lauderdale waterfront – for the last 12 years,” said Asi Cymbal, Chairman of Cymbal DLT Companies. “This funding will be a huge step in bringing the entire site to a shovel-ready state. We are looking to significantly transform Fort Lauderdale for the better with exciting architecture and design. We are creating a world-class district that will involve stunning rental towers, an architecturally significant branded condominium building, a branded full-service hotel, a marina, a yacht valet, a yacht club, membership clubs, offices, compelling food and beverage operations, and world-class retail activation. Upon completion, our district will also connect the last remaining piece of the Riverwalk and will highlight our beautifully preserved Raintree.”
Raintree Riverwalk Residences. Designed by PALMA.
The 3650 REIT lender also funded the construction of Cymbal DLT’s Oasis Pointe Residences, a 2.4-acre, 301-unit apartment complex in Dania Beach that welcomed its first residents last month. “We’re happy to continue our great relationship with 3650 REIT,” added Cymbal. “We expect to be doing many more deals together in the future.”
Raintree Riverwalk Residences. Designed by PALMA.
Raintree Riverwalk Residences. Designed by PALMA.
The Raintree Riverwalk Residences will be addressed as 408 Southwest 4th Street and 403 Southwest 3rd Avenue, south of Fort Lauderdale’s New River.
Raintree Riverwalk Residences. Designed by PALMA.
Cymbal DLT will be the general contractor for the entire project. It kick-started its efforts in August 2022 by preparing its beloved 100-year-old raintree for its successful preservation and relocation to its new home on the Riverwalk. The Riverwalk district in Fort Lauderdale is just one of more than $2 billion worth of projects in the pipeline for Cymbal DLT – a number that’s planned to triple by the end of next year.
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March 2024, still no development activity on this site. Funding issue? Selling off?