Cymbal DLT secured a $32M financing package from 3650 REIT, which it will use to prepare its site for the first phase of construction next year, expected to bring 677 apartments across towers reaching 28 and 29 stories.
“Cymbal DLT has owned the 6-acre plot of land — currently the largest undeveloped site on the Downtown Fort Lauderdale waterfront — for the last 12 years,” Cymbal Chairman Asi Symbal said in a statement. “This funding will be a huge step in bringing the entire site to a shovel-ready state.”
The project is expected to break ground next summer and include 21K SF of ground-floor retail. Chicago-based designer Jo Palma + Partners is designing the first phase of the project, dubbed Riverwalk Raintree Residences, while Cymbal will serve as its own general contractor.
In the second phase, Cymbal DLT plans to add a condo building, a branded hotel, a marina, valet services for yachts and boats, an exclusive yacht club, clubhouse, office space and fine dining options. That portion of the project is being designed by Arquitectonica.
Cymbal plans to assume costs for the early work to avoid delays or setbacks with construction. The project made headlines in July when Cymbal successfully relocated a 100-year-old African tree on the site to make space for the new edifices being built. The relocation and preservation of the six-story tree, the emotional and visual center of the public park incorporated into the project, cost $1M.
Other Cymbal DLT projects in South Florida include the Oasis Pointe Residences in Dania Beach, which delivered earlier this year. The developer has a $2B pipeline of projects and said in a release that it plans to triple that by the end of next year.