A New York-based real estate investment firm Madison Realty Capital (MRC), provided a $65 million construction loan to finance completion of the Riva luxury condominium development in Fort Lauderdale, FL. Just north of Las Olas, just west of the beach, Riva sits on the bank of the idyllic Middle River, just across from George English Park and Galleria Mall. This riverfront luxury residential project offers 100 residential units with four distinct unit types, an expansive club deck, extensive amenities, and ample parking. Riva is currently 55% presold, largely to local buyers from Broward County and other domestic purchasers. Construction is 65% complete and expected to finish in September.
Riva is located at 1180 North Federal Highway in Fort Lauderdale, on a site with 400 feet of frontage on the Middle River. Central elements of the building’s design and lifestyle are the 60-foot wide glass lobby with river views, and 40,000 square foot club deck on the fourth floor overlooking the river. The club deck space will incorporate several amenities, including a 7,000 square foot fitness center, 2,500 square foot club room, 1,500 square foot kitchen, private wine lockers, dog park, and full-size lap pool. 22 of the residential units will be sold with boat slips. Additional amenities include concierge and valet services.
Of the 100 units, 40 will have water views, 32 will have views of Downtown Fort Lauderdale, and 28 will offer both water and Downtown views. Floorplans range in size from 1,538 to 8,788 square feet, with an average unit size of 2,402 square feet. All units will offer the finest luxury appointments. Riva also has a ground-floor commercial unit totaling 8,000 square feet that is expected to be sold for retail or restaurant use.
Image Courtesy of riva-condo.com