Chalk Up Another Development In Flagler Village
Encore Capital Management and managing principal Art Falcone yesterday announced plans for The Rise Flagler Village, a 30-story, 348-unit project at 405 NE Second St.
Encore closed a $75M loan from Pacific Western Bank and Square Mile Capital, with Walker & Dunlop brokering the construction financing, the developers announced Monday.
Construction is expected to begin in January. Amenities will include a pool, a garden, a fitness center and a lounge area, plus ground-level retail on Third Street. The general contractor is G.T. McDonald Enterprises, and the architect is Cohen Freedman Encinosa & Associates.
“The number of young professionals living in this part of Fort Lauderdale is rapidly growing, and housing is in high demand,” Falcone said. “Many of them prefer to rent in an amenity-rich, luxury apartment building rather than worry about purchasing a home. The Rise Flagler Village will be built to serve this growing population.”
Encore has other multifamily projects branded as Rise: in Portland, San Francisco and Los Angeles. The company is also developing Plantation Walk, a $350M, mixed-use project in Plantation.