In March 2023, Florida YIMBY reported on the EDITION Residences in Fort Lauderdale, a residential venture that aimed to offer 65 condos between two 11-story towers. Yet, amid various legal battles, the project never came to fruition.
Now, 551 Bayshore SPE LLC owns the 1.58-acre site, and it aims to move forward with a project even larger in scope. Meet Olakino House. Per the South Florida Business Journal, the project recently secured City Commission approval in January, allowing for the construction of 83 condos between two 13-story buildings.
The 144-foot-tall Olakino House will offer various floorplans, comprising two-bedroom to three-bedroom designs. Plans also call for 178 parking spaces. Our sources indicate that the project will cost $60 million to complete, requiring close to 320,000 feet of new construction.
The developer, 551 Bayshore SPE LLC, purchased the site for $30 million from Bayshore Concepts. 551 Bayshore SPE LLC is a partnership between various entities, including National Debt Relief, Kelta Corp., and MICL Global. West Palm Beach-based garciastromberg is the architect.
It was the architect on the EDITION Residences in Fort Lauderdale. Olakino House’s design is very similar to that venture. Olakino House could soon start construction at 551 Bayshore Drive, Fort Lauderdale, FL, 33304, in Broward County.