They're just finishing up the riverwalk; finally after all of these years, the Riverwalk will extend to Cheesecake Factory.
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It's official. The Icon Las Olas will be Luxury rentals and not a condominium. This tells us 2 things: First, that there isn't enough high end condo demand in downtown Fort Lauderdale to sell 200 1M+ condos, Bad news for the Riverhouse people who are building a luxury condo a few blocks down. It's also bad news for the other luxury apartment buildings in the area; 250 premium rentals in the best location in the city will have people moving out of their building in the next year or so. It also tells us that the fake narrative that Las Olas is a gathering spot for high rollers isn't playing; that fantasy that Las Olas is more than a drinking destination for Millenials isn't fooling people who have actual money. Why would a late 50s couple with a couple million to spend want to live on Las Olas? So they can hang out at Big City or party with the kids at Louie Bossi's?
Related Group is claiming that they may convert these to condos in the future; which should give pause to people who want to rent but who don't have the $250K to put down if they convert down the road; or who simply don't want to buy a $1M+ condo.. I'm not that familiar with how condo conversions work in Florida.
A 960 foot 1 BR will cost $2500 and it's much worse than that. Not only is there no balcony, but there's no view.
The 1 BR "F" unit, has no river view, and units below the 15th floor won't even have much of a city view. Higher units will have a small northern view over the Lobster Bar building, but their entire Western view is blocked by the Las Olas Grand.
To me, the B units have the best view; with Eastern, Western and Northern views. Based on the price of the 1BR, the 1400 sq ft 2BR "B" unit will cost at least $3600 / month. I'm sure the 'A' units will be marketed as the most desirable, but I like the city view. Watching boats is cool for a few weeks but after that it just becomes generic scenery.
Here is the building as of 5/24/17:
Below are photos over time showing various stages of construction. For Entertainment only.
As the building takes shape, people in the neighborhood are starting to think that this building is going to be a disaster for downtown Fort Lauderdale. Unlike all of the other towers which are set a block back from las Olas, this building is stuffed on an undersized lot and it RIGHT up on Las Olas. Another 300 cars coming in and out all day and night.
Something I thought about the other day:
The city built this about 2 months before they started construction. It took months; they put in the posts, then the sign. Then the hokey bike racks. Then it was painted. Did they really think that the cement trucks and backhoes were going to go around this? This was ripped out in week 2. By now, the entire street has been ripped up and narrowed to accommodate the heavy equipment.
This is what happens when you put stupid people in charge of your money.
Pouring the foundation.
Starting To Build the Foundation
3 Weeks later, still digging holes.
What seems strange is that they're filling in the holes after they trill them, or at least covering them up. They're also drilling awfully close to the sidewalk; it the building going to be that close to the road?
They're drilling holes for the footings. The blue thing is a drill; I initially thought it was the crane, but the footings go in first.
It's moving along pretty fast.
They've returned, and this time they're serious.
They've ripped up the parking lot, so when the art show is in town they'll have to find somewhere else to park.
It looked like the ICON Las Olas was breaking ground, but now they're gone.
They carted off the beams and the crane left the area. I'm not sure what might have happened.
It looks like they might have a problem. Maybe the ground is too mushy? They seem to have abandoned work for the time being.
The cement trucks have arrived.
Starting to install the crane.
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