The Fort Lauderdale City Commission on Wednesday approved a total of 745 new units to be developed by the Related Group and Property Markets Group along the Tarpon River.
The proposal for phase two of PMG’s plan to replace the western half of the now-empty Las Olas Riverfront retail space at Southwest First Avenue and West Las Olas Boulevard with a 1,214-unit mixed-use development.
The 42-story tower will include 555 market-rate units geared toward millenial renters, anchored by 35,000 square feet of commercial space.
PMG recently bought most of the Las Olas Riverfront property from Fort Lauderdale-based developer Dev Motwani and his partners for $29 million.
PMG acquired about 2.4 acres on the western portion of the property. Motwani and his partners retained 1.3 acres on the eastern portion.
No opposition was voiced to either project, and both were approved unanimously, but commissioner Romney Rogers urged the commission to be strategic about continuing to allocate units at market rate, noting that the Broward County Unified Land Development Regulations require that of the 5,000 units Fort Lauderdale has available for allocation this year, 15 percent must be affordable.
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