By Anca Gagiuc
Stiles Residential Group, a subsidiary of Stiles Corp., has topped out Alluvion Las Olas, a 43-story luxury building on the New River in downtown Fort Lauderdale, Fla. Pre-leasing is slated to start in January 2020 and move-ins are anticipated for May next year.
The 380-unit high-rise is located at 215 N. River Drive East, directly on Riverwalk. The project, which is the tallest residential property in Fort Lauderdale, is the result of a joint venture between Stiles and PGIM Real Estate. Per Yardi Matrix data, the development was subject to a $100 million construction loan issued by Wells Fargo Bank, scheduled to mature in 2021.
Alluvion Las Olas will feature 40 distinct floorplans, with studios and one- to three-bedroom apartments ranging from 600 to more than 2,100 square feet. The stars of the development will be the two-story, townhome-style units at the building's base and in the penthouse area, all overlooking the river.
Stiles Construction is the project's general contractor. The company built on CFE Architects' design, which visualized a project made of two major components: a seven-story podium—resembling a ship's hull—and the tower, which resembles its mast.
Amenities span across nearly 40,000 square feet and include a resort-style pool on the eighth floor, connected to lounges and social rooms. In addition, Alluvion will have a 5,000-square-foot fitness center with on-demand classes and studio space for yoga and group fitness, a dog park and grooming area, a coworking lounge with private offices and conference rooms, secured private garages, as well as a 24-hour concierge. Outdoor amenities are set to include barbecue areas with lounge seating and fire pits, an event lawn, pavilions and outdoor dining.
The podium houses the parking?—with 663 spaces, according to Yardi Matrix?—and is lined by a mix of apartments and lofts with brise-soleil covered windows evoking a nautical theme. The tower is intentionally positioned to respect neighboring buildings and maximize views to the ocean. Upon completion, the asset will be managed by Greystar.