Newgard Development Group recently acquired a 1.08-acre site at 200 West Broward Boulevard in downtown Fort Lauderdale from a joint venture between Aimco and Kushner Companies for $31.24 million. The site, zoned for substantial residential development, has received approvals for a 49-story building comprising 381 residential units, 8,256 square feet of commercial space, and 426 parking spaces. Updated details about future development plans are anticipated to be announced in the coming months.
200 W. Broward Site.
“This was a fantastic opportunity to acquire a prime development site in downtown Fort Lauderdale,” Newgard CEO Harvey Hernandez said. “The area has such strong fundamentals, with continued demand from people who want to move to the city’s urban core. We plan to bring our expertise to the market and leverage our successful experience delivering first-class projects in Fort Lauderdale.”
In July 2022, Aimco and Kushner submitted site plans to Fort Lauderdale’s Development Review Committee. The developers envisioned a 579-foot-tall structure designed by Adache Group Architects, with landscaping by Witkin Hults + Partners and civil engineering by Flynn Engineering, poised to become one of Fort Lauderdale’s tallest towers.
200 West Broward Boulevard. Designed by Adache Group Architects.
Compared to the approval mentioned above, the initially submitted plans for the tower contained nearly 1 million square feet of space. This space was planned to feature 430,298 square feet of residential area across 381 units, 7,527 square feet of commercial space, and an extensive 180,000 square feet dedicated to amenities, tenant storage, and service areas. Additionally, the design included an eight-level parking structure with a capacity for 434 vehicles. As mentioned earlier, how Newgard will reconfigure the spaces for the building is likely to be unveiled in the coming months, and it is unclear if they plan on retaining the firm involved in the architectural and engineering aspects of the project or onboarding new ones.
200 West Broward Boulevard. Designed by Adache Group Architects.
Over the past 25 years, Newgard has developed several condominium projects in South Florida and other locations. One notable development is the Gale Residences & Hotel in Fort Lauderdale Beach, a project that contributed to the area’s transformation. This development attracted buyers from various regions and introduced Newgard’s flexible ownership concept, which has been replicated in other Florida locations and Texas.
Currently, Newgard is working on LOFTY Brickell, a 44-story condominium project situated on the Miami River in the Brickell district of Miami. This development is sold at more than 94%, with a few premium penthouse units available, starting at $2 million.
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This has fraud written all over it LOL.