Morgan Group lands $61M loan to start construction of Flagler Village apartments
Project is estimated to cost $75 million
December 21, 2016 01:30PMBy Sean Stewart-Muniz
Rendering of Morgan on 3rd Avenue (Inset: Morgan Group CEO Michael Morgan)
Morgan Group is doubling down on its investment in Fort Lauderdale’s booming Flagler Village.
The Houston, Texas-based developer just scored a $61 million loan from a group of lenders led by U.S. National Bank, according to county records, paving the way for a new apartment project called Morgan on 3rd Avenue.
The loan is secured by Morgan’s development site at 400 Northeast Third Avenue, which measures just below 3 acres and occupies nearly the entire block.
There, the developer is planning a 350-unit rental complex with 525 parking spaces and roughly 4,000 square feet of ground-floor retail space. Its apartments will range from studios with 575 square feet to three bedrooms and 1,699 square feet. Residents will have access to a pool, dog park, bike rack and 6,700-square-foot amenity room.
Construction is set to begin immediately, according to a notice of commencement filed with the county. A development application submitted to city officials shows the project’s total costs, including the $16.5 million Morgan spent on land, is estimated at $75 million.
Aerial rendering of the project
Rental projects have proven to be hot commodities both in Flagler Village and South Florida over the past year.
The neighborhood’s boosters are hoping its hip vibe will inspire a Wynwood-esque explosion in property values, especially because All Aboard Florida is building one of its Brightline stations nearby.
Those ambitions already appear to be playing out: Financial giant TIAA has placed a huge bet on the neighborhood, buying two newly built apartment complexes there — including one developed by Morgan — for $263 million since late last year.
Source: The Real Deal