Eight-story, 94-unit project is slated to be completed in 2026
OceanLand Investments scored a $96 million construction loan for its planned Sixth&Rio condo project in Fort Lauderdale.
The Fort Lauderdale-based developer landed financing from Invictus Real Estate Partners, a New York-based real estate private equity firm, and West Palm Beach-based Tannenbaum Capital Group Real Estate, according to a press release.
OceanLand founder and CEO Jean-Francois Roy also tapped Stiles Construction, led by Ken Stiles, as the general contractor for the project. The eight-story, 94-unit condominium planned for 501 Southeast Sixth Avenue is slated to be completed in 2026, the release shows.
JLL’s Brian Gaswirth and Paul Adams brokered the financing, the release shows. Prices for the planned units range from $900,000 to $3 million. Floor plans include one-, two-, three- and four-bedroom options, ranging from 800 square feet to 2,500 square feet, according to the project’s website. Amenities in the building will include a fitness center, club room, co-working space, coffee and wine bar and a rooftop pool, the release shows.
In February, Roy replaced Compass with Peggy Olin’s OneWorld Properties as the marketing brokerage for the project. Sales launched with Compass in 2022.
Fort Lauderdale-based FSMY Architects + Planners and Hollywood-based AM Studio are designing Sixth&Rio, and ID & Design International and Interiors by Steven G are leading interiors, according to the release.
Roy described a tougher lending environment amid rising construction and borrowing costs.
“It was a challenge to get a construction loan,” Roy said. He also noted condo projects are more demanding in the current environment, with more rigorous city requirements and stringent buyer demands for security and amenities.
“People, when they see the new price, it’s a shock,” he said.
OceanLand scores $96M construction loan for Sixth&Rio Fort Lauderdale condos
Building Exterior
OceanLand scores $96M construction loan for Sixth&Rio Fort Lauderdale condos
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The family-owned business has over 30 years of experience creating exceptional developments in South Florida.
The limited Townhome Collection of Sixth&Rio is being launched by OceanLand Investments. This collection comprises four two-story units priced between $1.75 to $1.8 million. These units are designed to provide the residents in downtown Fort Lauderdale with the best of both worlds. They are ideally suited for families who desire more space than a typical condo unit offers yet want to enjoy the convenience and luxury of a condominium lifestyle. The Townhome Collection is situated on the ground level of Sixth&Rio, thereby offering direct access to the historic, oak-shaded Smoker Family Park, which is located on the renowned New River.
This exclusive collection offers two- and three-bedroom townhomes ranging from 1,694 to 1,759 square feet with a brownstone-esque feel. Each unit provides a unique and more spacious living experience to residents. The residences are finished with top-of-the-line appliances such as Sub-Zero and Wolf, chic Italian kitchen and bath cabinetry by Italkraft, Swiss-made kitchen sinks, natural light in bathrooms, and more. Additionally, residents of the Townhome Collection can enjoy full access to Sixth&Rio’s state-of-the-art amenities.
The property boasts an array of resort-style amenities, such as a sky terrace with an infinity pool with private cabanas, a modern fitness center, a resident club room, a coffee, tea, and wine parlor, and tropical outdoor lounge and dining spaces.
