Page 58 - Demo

56 LAS OLAS BOULEVARD & ISLESDowntown Update continued%u2022 Downtown Fort Lauderdale%u2019s residential development isdriving Broward%u2019s growth.At 2.2 square miles, DowntownFTL makes up just 6% of the City%u2019s land mass but:- 4 out 5 new Fort Lauderdale apartments are developedin Downtown FTL- 2 out of 5 new Broward County apartments are built inDowntown FTL- 84% of new residents that have moved to Fort Lauderdalesince 2020 live in Downtown FTL- 50% of new residential units built in Broward County havebeen delivered in Downtown FTL%u2022 Unlike many other cities ln the Sun Belt and traditionalcentral business districts, a majority of Downtown FortLauderdale%u2019s real estate is residential.Cities like Downtown Fort Lauderdale with a strong concentration of residential uses are vibrant and full of activity, sustain foot traffic for local businesses and public spaces, and are becoming more walkable communities. Downtown Fort Lauderdale%u2019s Real Estate Mix shows:- 51% multifamily residential- 34% office- 10% hotel- 6% retailFort Lauderdale%u2019s 51% Residential Multifamily share of downtown real estate compares favorably to Tampa%u2019s 43% downtown residential multifamily, West Palm Beach%u2019s 39% and Miami%u2019s 7%.%u2022 Neighborhood OverviewDowntown Core & Las Olas Fort Lauderdale1 s premier employment hub that%u2019s been transformed into a dynamic mixed-use destination with luxury high-rise apartments on the banks of the New River. 8 projects | 2,000+ units in the pipeline1,300 units under constructionFlagler Village Fort Lauderdale1s fastest growing neighborhood is emerging as a dynamic live-work-play district, with a majority of its residential growth having occurred over the past decade. 22 projects | 8,000+ units in the pipeline1,500 units under constructionSouth of the New River A significant rise in residential development is underway with the creation the Tarpon River Entertainment & Design District. This area is further anchored by the Broward County Courthouse abutting Riverwalk and the new Federal Courthouse under construction along the Tarpon River. New high-rise developments are beginning to emerge along the New River, setting the stagefor Downtown Fort Lauderdale%u2019s latest evolution. 15 projects | 6,500 units in the pipeline1,400 units under constructionBroward Gateway Where arts and culture meet science and discovery. This district is home to DowntownFTL%u2019s major cultural institutions and is anchored by Brightline%u2019s Fort Lauderdale Station. With Broward Boulevard as the gateway to DowntownFTL, major developments are planned to create a more connected neighborhood. 6 projects | 2,800 units in the pipeline350+ units under constructionAbout the DDA The Fort Lauderdale Downtown Development Authority (ODA) is a public- private partnership agency that powers the experience, growth, and prosperity of Downtown Fort Lauderdale. The DOA strives to grow DowntownFTL with major investments in real estate, infrastructure, and transportation, improve public spaces like streets and parks for all to enjoy, and connect the city through partnerships that celebrate community. 201 E. Las Olas Blvd., Ste. 1150, Fort Lauderdale, FL 33301Tel: 954.463.6574 | [email protected] | ddaftl.org Report Sources Axiometrics; Broward County Property Appraiser; City of Fort Lauderdale; Colliers International Florida, Inc.; Costar Group; ESRI ArcGis Business Analyst (2023); Fort Lauderdale Downtown Development Authority; Multiple Listing Service (MLS); Rent Caf%u00e9; South Florida Business Journal; South Florida Sun-Sentinel; The Real Deal