OKO Group and Cain International have broken ground on their next joint venture development: One River Fort Lauderdale. The 34-story tower will have 251 apartments and 2,600 sq. ft. of ground level retail space. Construction is expected to be completed in late 2024.A ceremonial groundbreaking was held at the site, located at 629 Southeast 5th Avenue on July 22, following the announcement that the development team recently secured $97.2 million in financing from Bank OZK and JVP Management to help fund construction of the tower.
“As South Florida continues to attract world leading companies, we anticipate a sustained demand for high-quality housing to host its growing talent. Following our success in Miami in both the commercial and residential markets, we are thrilled to extend our partnership with OKO Group with our first investment in Fort Lauderdale,” said Jonathan Goldstein, CEO of Cain International.
One River was designed by architect Adrian Smith + Gordon Gill – whose design portfolio includes some of the tallest landmark towers from around the world, including the Burj Khalifa tower in Dubai, New York City’s Central Park Tower, and the soon-to-be world’s tallest building, the Jeddah Tower in Saudi Arabia – alongside local architect of record Dorsky + Yue International Architecture.
The Fort Lauderdale building will have a resort-style rooftop pool deck and over 13,000 square feet of amenities, including a state-of-the-art fitness center, a spa with sauna and steam facilities, outdoor fitness deck, barbecue terrace, media room, lounge/game room, and a private kitchen/dining room. Residents will also enjoy a luxury hotel-style lobby, coworking lounge, package room, bike room and a dog spa.
According to the Fort Lauderdale Downtown Development Authority (DDA), the neighborhood’s residential population has grown by more than 40 percent over the past ten years to more than 21,000.
“Over the last few years, the City of Fort Lauderdale has experienced unprecedented population growth, which has fueled the demand for residential living in the area,” said Fran Scola, CFO of OKO Group. “The launch of One River will fulfill this demand amidst the massive migration to the region.”