City of Lauderhill commissioners have taken the first step toward getting the project built by approving a special exception application which will allow for the development of residential units on the property.
The intial offering will include 62 luxury condominiums with two- to four-bedroom units, starting at $3 million, and an exclusive mix of owner privileges.
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Senior Managing Director Charles Foschini and Managing Director Chris Apone secured the financing on behalf of the Aventura, Florida-based developer.
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The loan will allow the developer to ready its 6-acre waterfront site for its slated summer 2023 groundbreaking.
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The 159,722-square-foot, 9.2-acre property built in 1989 last sold in 1996 for $7.2 million.
The parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings Newgard’s total land investment to $57.5 million.
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