A Texas developer is moving forward with plans for a boutique luxury condominium project in Fort Lauderdale’s Las Olas neighborhood. Claremont Property Company, based in Bellaire, Texas and led by Keeley Megarity, intends to build an eight-unit, five-story building at 50 Isle of Venice Drive.
The units are expected to be priced between $3 million and $3.5 million. Each condo will range from 3,050 to 3,200 square feet. The development will also feature seven boat slips and a pool. Construction is scheduled to begin soon and is projected to take 18 months.
Megarity acquired the 0.3-acre waterfront property in October for $7.5 million from an affiliate of Construction Development Associates (CDA), which had purchased the site earlier in March for $4.5 million. Logan Newell and Dino Flora of Native Realty represented Megarity in the transaction.
Fort Lauderdale has seen significant growth in condominium development recently, with more than 3,900 units planned across Broward County. Many projects are concentrated along the city’s waterfront and downtown areas. Other developers active in the area include Steve Hudson and Charlie Ladd with their Whitfield Las Olas condo-hotel project, as well as OceanLand Investments’ Sixth & Rio condos.
Additionally, Related Group is working with Tate Capital and Rok Acquisitions on the St. Regis Resort and Residences at Bahia Mar Fort Lauderdale, which will consist of two towers with a total of 160 condos, a luxury hotel, and a private beach club.
Developers are increasingly drawn to Fort Lauderdale as an alternative to Miami and Palm Beach due to its relative affordability and relaxed atmosphere. The Las Olas neighborhood is traditionally known for high-end single-family homes; last year financier Donald Sussman sold his mansion nearby for a record $70 million.
