Tallest Apartment Tower on This Florida Coastal Skyline Nears Completion

Tallest Apartment Tower on This Florida Coastal Skyline Nears Completion

Alluvion Las Olas Among Thousands of Units Under Construction

Stiles Residential Group is building Alluvion Las Olas and another apartment tower in downtown Fort Lauderdale, Fla. (Courtesy of CFE Architects)

A new supply wave of apartments in Fort Lauderdale, Florida, includes the city's tallest rental tower, which will begin leasing in January and housing its first residents in May.

Stiles Residential Group is building Alluvion Las Olas at 215 N. New River Drive E. The 480-foot downtown tower will overlook the New River, offer views of the Fort Lauderdale beach and provide direct access to Las Olas Boulevard, the city's signature street.

In recent years, Fort Lauderdale officials have approved thousands of units in South Florida's largest downtown outside of Miami. Stiles Residential also is building a 341-unit apartment downtown as part of The Main Las Olas, a mixed-use project that will include a grocery store, a first for the corridor. That apartment building is expected to open in late 2020.

Demand continues to grow from young professionals who want to live downtown to be near jobs, restaurants and nightlife, said Jeff McDonough, president of Stiles Residential.

But analysts insist the number of units bears watching, especially if an economic slowdown occurs.

As of August, there were 6,944 apartment units under construction citywide, 29% higher than the same period a year earlier, according to Reinhold P. Wolff Economic Research in Oakland Park, Florida.

In the Central Fort Lauderdale submarket, which includes downtown, roughly 1,200 units were completed in the past 12 months and completions "are not set to cool off over the next few years," according to the latest report from CoStar Market Analytics.

"I would be lying if I said the amount of supply isn't something that every developer is paying attention to," McDonough said in an interview.

Rental rates at the 43-story Alluvion have not yet been set, but most of the 380 units will rent for more than $2,000 per month, according to McDonough. The studio, one-, two- and three-bedroom units range from 600 square feet to more than 2,100 square feet. Amenities include social lounges, a studio for yoga and fitness, a dog park and an area with private offices and conference rooms.

For the Record

Fort Lauderdale-based Stiles Residential and joint venture partner PGIM Real Estate paid $17 million for the 1.4-acre site in 2017, according to CoStar data. The seller was an affiliate of Chicago-based Tribune Real Estate Holdings.

CFE Architects is designing the new apartment building, which will be managed by Greystar. Stiles Construction is the general contractor on the project.