OKO Group, Cain International Break Ground in Florida
A joint venture between OKO Group and Cain International has broken ground on One River, a luxury multifamily community in Fort Lauderdale, Fla. Mayor Dean Trantalis and Vice Mayor Ben Sorensen joined the developers at the ceremony located at 629 SE Fifth Ave.
To fund the construction of One River, the partners secured two loans totaling $97.2 million. A senior construction loan was provided by Bank OZK, while a mezzanine construction loan was provided by JVP Management.
The Florida tower’s 34 stories will consist of 2,600 square feet of ground-floor retail as well as 251 apartments ranging from studios to three-bedrooms. Square footage for each unit ranges from 607 to 1,511 square feet, while amenities will include high-end appliances and eastern facing balconies overlooking the river, ocean and city. One River will also house more than 13,000 square feet of amenities, including but not limited to a yoga room, Pilates room, barbecue terrace, dog spa, rooftop pool deck and media and game rooms.
One River was designed by Adrian Smith + Gordon Gill. The community will join its portfolio of high-end builds, including New York City’s Central Park Tower, as well as the Jeddah Tower in Saudi Arabia, soon to be the world’s tallest building.
Trying to Match Demand
The city of Fort Lauderdale has experienced major growth, fueling the demand for multifamily in the market, said Fran Scola, chief financial officer of OKO Group, in prepared remarks. One River apartments are set to be available in September 2024.
Fort Lauderdale, as well as other trending Florida locations, are facing housing market challenges due to a limited number of available units and massive increases in demand. To keep up, OKO Group and Cain International have another four projects under construction besides One River. They are currently developing multiple luxury condominiums as well as a Class-A plus office tower, all located in Miami.
