Miami-based development and construction company, Cymbal DLT Companies, closed on a $102.5 million loan from Related Fund Management for the development of a 341-unit, market-rate multifamily housing project at 20775 NW 17th Avenue in Miami Gardens, Florida. The project comprises 11 Class-A apartment buildings designed PALMA centered around a sculpture-filled lake to maximize views and encourage outdoor activities.
The Planning and Zoning Board of Fort Lauderdale has unanimously approved site plans for Raintree Riverwalk Residences, a two-towered mixed-use development of 28 and 29 stories anticipated to break ground this summer within a 2.42-acre site encompassing the addresses 408 Southwest 4th Street and 403 Southwest 3rd Avenue in the Tarpon River neighborhood. The project is located on the south bank of the New River, bound by Southwest 4th Court on the South, the Esplanade On The River condominium to the West and the South Florida Boat Club to the East. Designed by PALMA and developed by Cymbal Development led by real estate developer Asi Cymbal, the development will yield 677 residential units, 21,000 square feet and 1,075 parking spaces.
Fort Lauderdale has seen an influx of construction projects come to life in recent years; a construction boom cycle so to say. And developers have wasted no time in taking advantage of lucrative opportunities to build as the migration of people to South Florida has created favorable real estate market conditions.
Plans to redevelop the site of an old warehouse at 205 Southwest 3rd Street in Downtown Miami have been in the works for quite some time now. The owner of the property, Blys Plank Inc., a company owned by Sean McCormick, has tapped Jo Palma from renown architectural firm PALMA, currently pursuing the new Joint Government Center In Fort Lauderdale, to design a 36-story mixed-use glass skyscraper called The Basel, which is set to rise in to the skyline and over the Interstate 95. The developer, who’s owned the site since the early 1970’s, looks to bring this project to life through a joint venture, as the property is located within what is deemed as an opportunity zone.