Fort Lauderdale site approved for 43-story apartment tower sold for $33M

June 29, 2021

By Brian Bandell  –  Senior Reporter, South Florida Business Journal

A property along the New River in downtown Fort Lauderdale that was approved for an apartment tower sold for $33.16 million. Riverwalk Plaza Associates LLC, managed by Jean Francois Roy of Fort Lauderdale-based Ocean Land Investments, sold the 32,991-square-foot site at 333 N. New River Drive East to Lion Gables Realty, which state records show is managed by Atlanta-based Gables Residential. The property, which is on the north side of the New River and the east side of the Southeast Third Avenue bridge, last traded for $624,000 in 1986. It previously had an office building, which was demolished in April to make way for an apartment building. In 2017, Fort Lauderdale officials approved Roy’s plans for a 43-story tower. Called Riverwalk Residences, it would have 297 apartments mostly for seniors, 1,619 square feet of retail/restaurant space and 178 parking spaces. Borges + Associates Architects designed the project. Gables Residential is one of the largest apartment developers in the nation. It recently built the Wilton Park community in Wilton Manors