A Texas-based developer is planning a boutique luxury condominium in Fort Lauderdale’s Las Olas neighborhood.
Bellaire, Texas-based Claremont Property Company, led by Keeley Megarity, is planning an eight-unit, five-story project at 50 Isle of Venice Drive, according to a press release. Prices for the units will range from $3 million to $3.5 million.
Records show Megarity bought the 0.3-acre waterfront site in October for $7.5 million from 50 Isle of Venice Partners LLC, an affiliate of Construction Development Associates (CDA). The CDA affiliate bought the land in March for $4.5 million. Logan Newell and Dino Flora with Native Realty brokered Megarity’s purchase of the site.
Megarity’s planned eight-unit project will have condos spanning between 3,050 square feet and 3,200 square feet, the release shows. The building will include seven 38-foot boat slips and a pool, a spokesperson confirmed. Construction is slated to start soon and follow an 18-month timeline, according to the release.
Fort Lauderdale has emerged as a hotbed of condo development in recent years. Dozens of condo projects with more than 3,900 units are in the pipeline across Broward County, many of them concentrated in Fort Lauderdale’s waterfront and downtown corridors. Developers Steve Hudson and Charlie Ladd are planning their condo-hotel Whitfield Las Olas, which will have 81 keys and 17 condos. OceanLand Investments has its eight-story, 94-unit Sixth & Rio condos in the works, with prices ranging from $900,000 to $3 million.
The Pérez family’s Related Group is partnering with Jimmy Tate’s Tate Capital and Sergio Rok’s Rok Acquisitions on the St. Regis Resort and Residences, Bahia Mar Fort Lauderdale. The planned condo complex will include two 23-story condo towers totaling 160 units, a 197-key luxury hotel and a private beach club.
The wave of development is part of the broader market swell across South Florida, with developers seeing the city as a cheaper, more relaxed alternative to Miami and Palm Beach.
The Las Olas neighborhood where Megarity is planning his condos is an area of the city better known for its luxury single-family home market. Last year, financier Donald Sussman sold his nearby waterfront mansion for a record $70 million.