Blu on Marina Boulevard
Have you driven down Marina Mile (State Road 84) and noticed the mammoth sized lot being developed on the corner of 15th Ave? It's impossible to miss! I recently leased a townhouse unit for a client in the adjacent complex, The Grove at River Oaks. I've watched construction at the new build site, located at 1401 State Road 84, take off like a jack rabbit.
When I saw the lot getting cleared I figured it was going to be some type of commercial development. Last week the outline of individual garage spaces became apparent. Naturally I was happy as ANY new development (especially if they're townhomes) means I will have something new to sell my loyal readers! Further, given the location I figured the price point for sales was going to be very reasonable. Consider that the last sale in The Grove at River Oaks took place in September of 2013 for $168,000. Those units are tri level townhomes. A side note, these units work really well for investors and those looking to purchase a lower priced townhouse.
However, after doing some research, I'm sad to report there will be no units for sale. Current Builders is the name of the company building the project. They've built some really nice developments in the past, and are based in Pompano Beach. The complex, which will be known as Blu' on Marina Boulevard, will feature 138 rental units spread out over 7 buildings.
Let's not kid ourselves, developers would really rather put these projects up and sell them off as condo's. At this point in the cycle a developer holding land is kind of stuck. You can either continue to sit on the land and pay taxes, or develop it and get some cash flow working. The question for this complex, like so many others currently being constructed in Fort Lauderdale, is when they will get condo converted.
I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Wilton Manors, Poinsettia Heights, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays in order to accommodate those with busy schedules.
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Written By Casey Prindle