Cymbal DLT Companies Closes On $32 Million Loan To Initiate First Phase Of $1 Billion Downtown Fort Lauderdale Riverwalk District Project
Miami-based real estate development and construction firm Cymbal DLT Companies closed on a $32 million loan, which will allow it to officially prepare for the groundbreaking of its highly anticipated billion-dollar Downtown Fort Lauderdale Riverwalk district project.
“Cymbal DLT has owned the 6-acre plot of land – currently the largest undeveloped site on the Downtown Fort Lauderdale waterfront – for the last 12 years,” said Asi Cymbal, Chairman of Cymbal DLT Companies. “This funding will be a huge step in bringing the entire site to a shovel-ready state. We are looking to significantly transform Fort Lauderdale for the better with exciting architecture and design. We are creating a world-class district that will involve stunning rental towers, an architecturally significant branded condominium building, a branded full-service hotel, a marina, a yacht valet, a yacht club, membership clubs, offices, compelling food and beverage operations, and world-class retail activation. Upon completion, our district will also connect the last remaining piece of the Riverwalk and will highlight our beautifully preserved Raintree.”
The lender, 3650 REIT, also funded the construction of Cymbal DLT’s Oasis Pointe Residences, a 2.4-acre, 301-unit apartment complex in Dania Beach that welcomed its first residents last month.
“We’re happy to continue our great relationship with 3650 REIT,” added Cymbal. “We expect to be doing many more deals together in the future.”
The first phase of the Downtown Fort Lauderdale project, Riverwalk Raintree Residences, is slated to break ground on its first building in summer 2023. It will include two eco-friendly, mixed-use multifamily apartment towers (28 stories and 29 stories, respectively) by acclaimed architecture firm Jo Palma + Partners, also the architect for Cymbal DLT’s 341-unit Class A apartment complex in Miami Gardens that is breaking ground next month.
For the second phase of the Riverwalk project, Cymbal DLT enlisted award-winning architecture firm Arquitectonica. This phase will include a branded condominium tower, a branded full-service hotel, a branded yacht valet and yacht club, membership clubs, and significant food and beverage operations, the details of which will be announced next year.
In addition to being the owner and developer, Cymbal DLT will be the general contractor for the entire project. It kick-started its efforts in August 2022 by preparing its beloved 100-year-old raintree for its successful preservation and relocation to its new home on the Riverwalk.
The Downtown Fort Lauderdale project is just one of Cymbal DLT’s more than $2 billion worth of projects currently in the pipeline – a number that Cymbal plans to triple by the end of next year. All new projects will feature world-class architecture, art, technology, wellness and sustainability.
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