In the press

Moderno, 75Invest plan Live Local tower in Fort Lauderdale

27-story, 290-unit building will set aside 71 units for workforce housing

Moderno Development Group and 75Invest Group filed plans for a Live Local Act mixed-income project in Fort Lauderdale. 

The developers submitted their application for 500 Art Lofts, a 27-story, 290-unit rental building planned for the site at 501 Southwest Second Avenue, south of the New River, said Doron Broman, founder of Miami-based Moderno. Seventy-one units will be set aside for workforce housing. 

Under state law, residents in those units can earn up to 120 percent of the area median income. 

“That makes it worthwhile for us to build workforce housing, which was very difficult before,” Broman said. He is looking at building two more Live Local projects in Miami. 

Because demand is higher for less expensive units, he expects that the workforce housing component will have a lower vacancy rate than the market-rate units. 

Nearly 300 apartments planned for 27-story tower in Fort Lauderdale

“Our vision is to create an affordable housing solution for young professionals without compromising the design and artistic integrity of our building,” stated Doron Broman, head of Miami-based Moderno Development Group. “We believe affordability and art can co-exist; a creatively driven building doesn’t have to equate to an expensive building.”

Moderno Development Group and 75Invest Group have proposed a 27-story apartment tower about a block south of the New River in Fort Lauderdale. The 500 Art Lofts project would capitalize on incentives from Florida’s Live Local Act and the city’s Geller Incentive program by including some workforce housing in the project.

The developers would build the tower on the 23,750-square-foot site at 500 to 514 S.W. Third Ave. They own the land through affiliate 501 Urban Warehouse LLC and 510-514 Urban Warehouse LLC. The developer assembled the property for a combined $4.8 million in 2020 and 2021. The property currently has small office and residential buildings.

Fort Lauderdale-based Dorsky Yue International Architecture designed the project.

Local attorney Stephanie Toothaker represents the developer in the application.

BROWARD COUNTY STATE OF THE MARKET

MARCH 12, 2024

Fort Lauderdale Flourish: The Heartbeat of Broward's Evolution

TOPICS:

• Learn about Fort Lauderdale's development strategies that cater to its cultural, economic, and environmental sustainability.

• Discover how Fort Lauderdale's evolution is positioning it as the heartbeat of Broward County, with a focus on its role in culture, commerce, and community.

• Explore the contributions of smaller communities to Broward County's identity and the emerging industries poised for growth.

• Delve into the county's real estate market's challenges and opportunities, and the vision for long-term, sustainable growth

BROWARD COUNTY STATE OF THE MARKET

TUE APR 11, 2023

FUTURE OF FORT LAUDERDALE

From office trends to residential demand, how are public officials and private developers working together to create a cohesive Fort Lauderdale?

Doron Broman

Founder & Managing Partner - Moderno Development

Moderno is a real estate company focused mainly on the development of residential urban projects and creative commercial spaces in Fort Lauderdale & Miami. Moderno manages over $250 million in development projects, totaling over 1,000 apartment units, 50,000SF of commercial spaces which are under construction or planning stages.

Construction Underway For 29-Story Tower At 307 SW 5th Street In Fort Lauderdale

Construction begins to pick up the pace on RIVR Lofts, a 29-story residential tower underway at 307 Southwest 5th Street in Fort Lauderdale’s Tarpon River Design & Entertainment District. Designed by CUBE3 Architects with Structural International Inc. as the structural engineer and Cadence as the landscape architect, the 335-foot-tall structure will contain 352 residential units and parking for over 300 vehicles. Moss & Associates is the general contractor for the project, which is located between Southwest 3rd and 4th Avenues – two blocks south of the New River.

The 58,000-square-foot site assemblage is just minutes from the Downtown core, Sailboat Bend, and Flagler Village areas. Immediately north and east of the site is where Cymbal DLT Companies will build a $1 billion mixed-use district, including Raintree Riverwalk Residences and Nautica Hotel & Residences.

Moderno is a real estate company focused mainly on the development of residential urban projects and creative commercial spaces in Fort Lauderdale & Miami.

Moderno manages over $250 million in development projects, totaling over 1,000 apartment units, 50,000SF of commercial spaces which are under construction or planning stages.

Moderno nabs $102M construction loan for Fort Lauderdale apartment tower

Rivr Lofts will be the first residential high-rise in the Tarpon River Entertainment and Design District.

Moderno Development Group scored a $102 million construction loan for an apartment tower in an emerging Fort Lauderdale district south of the New River.

The 352-unit tower will have 176 studios, 154 one-bedroom apartments and 22 two-bedroom units, according to the project’s website. Monthly rents will range from $1,800 to $2,300.

Rivr Lofts developer obtains $102M construction loan

Moderno Development and NCC Development obtained a $102 million construction loan that will enable them to break ground on the 29-story Rivr Lofts apartments in Fort Lauderdale.

Square Mile Capital provided the loan to River Lofts on Fifth LLC. River Lofts on Fifth LLC is a partnership between Moderno Development, led by Doron Broman, and NCC Development Group, led by Robert Mathias and Darin Montgomery. Aztec Group arranged the financing.

TREDD MARKS

As Flagler Village has become more built out and high-profile residential projects have opened in downtown, developers have increasingly cast their eyes south of New River when looking for the next big spot for walkable, higher-density urban development. Now one group thinks they’ve found the right mix with a district where plans call for shopping, dining, entertainment – and a 29-story, 352-unit residential complex made up mostly of studios and one-bedroom apartments.

The Tarpon River Entertainment and Design District – you can call it TREDD – will occupy the area around SW 3rd Avenue between fourth and fifth streets. For developer Doron Broman, who is leading the project with Moderno Development, the south-of-the-river locale is an exciting place to be. “The location of the neighborhood, the proximity of the river, we think it’s going to be a big success,” he says. “I’m confident in it. The great businesses that are coming in…I can already feel what’s going to be there three years from now.”

That said, he wasn’t sold on the area the first time he saw it.

“We were heavily invested in Victoria Park and Flagler Village,” he says. “The first time, I’m not sure it sunk into me right away.”

But he visited a few more times and checked out businesses like perennial favorite Hardy Park Bistro.

FORT LAUDERDALE APPROVES 29-STORY APARTMENT TOWER

Rivr Lofts was approved for 352 units, including 176 studios, 154 one-bedroom units and 22 twobedroom units. The developer said rents will range from $1,800 to $2,700 a month. Amenities will include a pool, a gym, a yoga studio, a party room and a game room.

“We’ve successfully raised $35 million in private equity and are focused on growth opportunities specifcally in Fort Lauderdale as part of a future development plan to activate the TREDD (Tarpon River Design and Entertainment District) area,” said Doron Broman, manager partner of Moderno Development. 

30-STORY TOWER WITH STUDIOS AND PLANNED FOR FORT LAUDERDALE’S TARPON RIVER NEIGHBORHOOD

A new 30-story tower in Fort Lauderdale’s Tarpon River neighborhood plans to offer studios and one- and two-bedroom apartments with rent prices starting below $2,000 a month.

The $80 million River Lofts on 5th would have 354 units, as well as a rooftop swimming pool, open kitchen and barbecue area and gym, as well as views of the New River and downtown. The project, under review by the city, is scheduled to break ground in late 2020.

Moderno Development Group’s managing partner Doron Broman said the company is encouraged by the growth of the neighborhood, which has attracted new businesses over the last several years.

A 30-STORY RESIDENTIAL TOWER HAS BEEN PROPOSED IN THE TARPON RIVER NEIGHBORHOOD OF FORT LAUDERDALE

On Oct. 8, the city’s Development Review Committee will consider the River Lofts on Fifth project at 307 S.W. Fifth St., plus 439 and 443 S.W. Third Ave. The one-acre site is just south of the New River. It has several low-rise residential buildings, which would be demolished. 

The River Lofts on Fifth would total 464,036 square feet with 368 multifamily units, 373 parking spaces and a small retail space on the ground floor. The residential units would start on the seventh floor. The rooftop amenity level would include a pool, a yoga lawn, a fitness center, a spin studio, a demo kitchen, a game lounge, a movie lounge and grilling stations.

The property is owned by River Lofts on Fifth LLC, an affiliate of Moderno Development Group, led by Doron Broman.

TOP 5 TRENDIEST NEIGHBORHOODS IN FORT LAUDERDALE 

The growth of the Fort Lauderdale area is a true testament to the collaborative efforts of the city’s private and public sectors. The positive effects of this growth can be witnessed in the development, redevelopment and preservation of the city’s neighborhoods.

Tarpon River District: Located just north of Davie Boulevard and west of Andrews Avenue, Tarpon River District is a neighborhood whose appeal is thanks to its proximity to downtown Fort Lauderdale and emphasis on family life. With a recent influx of mixed-income homes and apartments, access to some of the cities best parks and the locally famous Tarpon River Brewing company, this neighborhood will continue to be a top choice of young families. 

“We are keen on Tarpon River District, which we believe is the new cool work-live-play hub, located right in the center of Fort Lauderdale,” Broman told Invest.

DEVELOPMENT GROUP PLANS LUXURY RENTAL TOWNHOMES IN VICTORIA PARK

Moderno Development Group is planning a luxury rental townhouse community in an upscale Fort Lauderdale neighborhood, as it continue to expand its projects. The company, led by managing partners Christopher Bibus and Doron Broman and marketing manager Uri Redler, expects to break ground on the 10-unit project, called 912 Victoria, in August, Redler said. The three-story townhouses will be built at 912 and 930 Northeast Fourth Street in the Victoria Park neighborhood of Fort Lauderdale.

A CONVERSATION WITH DORON BROMAN OF MODERNO DEVELOPMENT GROUP

Doron Broman, Managing Partner at Moderno Development Group, sits down with Stephanie Toothaker, Director at the law firm of Tripp Scott, to discuss the development of urban residential townhouses and apartment buildings near downtown Fort Lauderdale (mainly in Flagler Village and Victoria Park).

MIAMI COMPANY BUYS DEVELOPMENT SITE IN FORT LAUDERDALE'S FLAGLER VILLAGE, PLANS APARTMENTS

A development site in Fort Lauderdale’s Flagler Village that was originally envisioned as condos has been sold to a firm that envisions it as a rental project. Aventura-based BRYL Developments LLC, managed by Doron Broman, Uri Redler, Shimon Langbart, and Doron Brown, sold the 0.62-acre site at 626, 630 and 636 N.E. 1st Ave. for $2.75 million. The buyer was Miami-based RRAC Flagler 626 LLC, managed by Ricardo Vadia of ROVR Development.

UP FOR GRABS: ISRAELI DEVELOPERS OF FORT LAUDERDALE PROJECT LIST SITE FOR $3.5M

The Israeli developers behind a 99-unit project in Fort Lauderdale’s Flagler Village just listed the condo project for sale at $3.5 million, The Real Deal has learned. The developers, Doron Broman, Simon Langbret and Uri Redler put the Flagler 626 site on the market last week with CREC, Broman confirmed to TRD. The project has not yet launched sales.

ISRAELI DEVELOPERS ZERO IN ON FORT LAUDERDALE

A group of Israeli developers is planning a new condo project in Flagler Village, catering to young professionals in the increasingly hot Fort Lauderdale neighborhood. Flagler 626, a planned 12-story tower at 626 Northeast First Avenue, will have 97 units including three townhomes at an average price of $350 per square foot, developer Uri Redler told The Real Deal.

FIRST CONDO PROJECT PROPOSED IN ONE OF SOUTH FLORIDA'S MOST TRENDY NEIGHBORHOODS

Fort Lauderdale’s Flagler Village neighborhood just north of downtown has attracted many apartment projects and now it could get its first new condo tower. BRYL Development will take its plans for the Flagler 626 building before the city’s Development Review Committee on March 22. It calls for a 12-story building with 99 units, 105 parking spaces, and a pool.