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54 LAS OLAS BOULEVARD & ISLESThe new FAT Village by Hines and Urban Street Developmentwill create a new creative campus with office and housing in the heart of Flagler Village with 80,000 square feet of retail space dedicated to food, shopping, entertainment, art studios, and galleries.Aimco%u2019s 901 North project at the former Searstown site will incorporate an expansive pedestrian plaza, The Grove, mixed in with new retail options at ground level. This three-tower mixed-use development on the northern edge of the trendy Flagler Village neighborhood is poised to add a compelling mix of office, hotel, residential, and retail space to the corner of Sunrise Boulevard and Federal Highway.%u2022 New developments are pursuing innovative design choicesthat will reshape Downtown Fort Lauderdale%u2019s skyline.The Related Group is partnering with legendary Italian design house Pininfarina, best known for designing luxury cars such as Ferrari and Maserati, to produce Andare Residences on the corner of Las Olas Boulevard and Federal Highway. The condominium will feature a %u201cdistinctive wave-like appearance, characterized by its undulating wraparound balconies that mimic the graceful flow of water%u201d with a design that %u201cbring the outdoors in, creating a serene and harmonious living environment.%u201d Kushner%u2019s Broward Crossing will be defined by a %u201cunique bridged massing of towers that creates a focal point for visitors and residents and adds an iconic new element to the growing skyline.%u201d New York-based Dependable Equities%u2019 633 SE 3rd Avenue, designed by ODA New York, introduces %u201ca sequence of stepped rounded volumes that elegantly ease the massing of the tower as it rises. The tubular volumes alternate between a sleek curved glazed fa%u00e7ade and alternating wrap-around balconies, generating a dynamic play that breaks up the massing of the building.%u201d%u2022 Projects are exploring new ways for residents to owndowntown property.Condo Boom and the Launch of Branded Residences Building off the success of branded luxury residences on Fort Lauderdale Beach like the Four Seasons, Ritz Carlton, and Conrad, Downtown Fort Lauderdale will soon be home to a new selection of boutique condos and branded residences. At least six new condominium projects are planned for Downtown Fort Lauderdale, representing a sixfold increase in the number of new condo units built between 2008 and 2020. Projects like Natiivo Fort Lauderdale and Andare Residences by Pininfarina demonstrate a rise in demand for residents to own In the urban core, whether that be a shortterm rental or permanent home. With more condominium projects expected to be announced this summer, Downtown Fort Lauderdale will be building its biggest wave of condo projects in two decades. Short-Term Rentals Following the success of Newgard%u2019s Natiivo brand in Denver and Miami, 200 West Broward Boulevard will become %u201cFort Lauderdale%u2019s first resort condominium property specifically designed, built, and licensed for short-term rentals.%u201d This new approach creates a flexible ownership model for residents where %u201cowners and guests will have access to hotel services, and owners will have the option to participate in a flexible hotel program for renting their units through Natiivo.%u201d%u2022 Fort Lauderdale apartments have more living space thanunits in many other popular cities, offering more space forgrowing families and roommates.The average Fort Lauderdale apartment is 8% larger than units in Miami and 28% bigger than units in New York City. Compare Average Apartment Size (Square Feet) from other downtown areas:Fort Lauderdale: 960 sq ft New York City: 749 sq ftTampa: 928 sq ft Chicago: 745 sq ftMiami: 885 sq ftNashville: 883 sq ftAustin: 862 sq ft%u2022 The multifamily rental market has stabilized since 2022.Average rent in DowntownFTL buildings now ranges from $3.77 per square foot for a 1-bedroom apartment in a high-rise building on Las Olas to $2.77 per square foot for a 2-bedroom unit in Flagler Village.Multifamily Market Indicators shoDowntown Miami: 11,825 units in 51 buildings; $3.62 avg rent/sqft; Occupancy Rate: 94.5%Downtown FTL: 11,219 units in 47 buildings; $3.29 avg rent/sqft; Occupancy Rate: 94%Downtown WPB: 3,238 units in 18 buildings; $3.18 avg rent/sqft; Occupany Rate: 93.4%Average Rental Rates by NeighborhoodDowntownFTL rentals are currently experiencing modest single digit annual increases in rental rates compared to double digit increases immediately after the pandemic, driven by new inventory in the urban core and in line with national trends. Average Condominium Sales Price While the sales price for new luxury condominiums can exceed $1,500 per square foot, prices for existing inventory have stabilized since 2022 with the overall average sales price per square foot in 2024 just over $500.00. Downtown Update continued