Icon Las Olas Rumor

[ddsfla]

I heard from someone who knows someone... that Icon Las Olas dropped from 60% reserved to 11% hard contract. In otherwords they are only 11% sold now and that they may pull the plug on the project for a few years - or even consider selling the land back to the city. Can anyone confirm? would personally LIKE to see this thing built and see the riverwalk finished.

[tombarnes]

I cannot confirm the rumor beyond saying that I have heard the same rumor. I'd also ilke to see even more density downtown.

[Dale]

I heard from someone who knows someone... that Icon Las Olas dropped from 60% reserved to 11% hard contract. In otherwords they are only 11% sold now and that they may pull the plug on the project for a few years - or even consider selling the land back to the city. Can anyone confirm? would personally LIKE to see this thing built and see the riverwalk finished.

Doesn't say much for FTL if it is the site of Related's first-ever South Florida failure (as far as I know).

Not to mention embarrasing, with the site marred by an ugly, empty grocery store for years, and now left with a bombsite for however long (if the rumor is true).

[tombarnes]

I hope the rumor is untrue, yet FTL should not be dunned for being overbuilt. The market will come back, even if it has gone into a downturn for the moment. I believe that downtown Fort Lauderdale has a good future.

[Dale]

In my opinion, FTL needed this one bad, if only to fill downtown's most significant dead spot, and to give the city a more distinctive tallest (I'm disappointed in the way Riverhouse turned out).

On a recent trip to FTL I found downtown disappointing overall. Not what I would have expected on the heels of its biggest highrise boom ever.

[tombarnes]

Downtown Fort Lauderdale is still very much a work in progress. There are many new housing units, either already built or under construction. The needed infrastructure of real shops and businesses has not yet followed in its wake. Most of the downtown businesses are either restaurants or galleries, possibly not the best foundation for a vibrant retail scene. The Las Olas Riverfront is a failure, but it may soon be wiped away and rebuilt. I agree that downtown FLL is not yet complete, but they have only just begun to correct years of small town thinking and suburban flight. Give it time and a better downtown will come to pass.

[Dale]

I suppose we have no choice but to give it time.

[mediaspree]

I know, its a prime location for a supermarket for all the new downtown residents

[ddsfla]

I know, its a prime location for a supermarket for all the new downtown residents

I just heard from a very reliable source that with the real estate downturn, Related has decided to drop Icon and is instead going to build an super sleek Icon condo-supermarket there. Basically, you purchase deeded square footage in the supermarket and you receive a percentage of the grocery items sold out of that area. Bakery and Deli counters will be stainless steel and glass and the checkout counters all granite. Unfortunately The high margin wine and meat departments are already sold out but I hear the bakery is available and will have a beautiful view of the New River. (haha)

[Dale]

I must say you FTL folks are taking this bit of depressing news in stride.

[Dale]

Oh well, it's not just a FTL thing. Miami's new tallest Met 3 is now very much in doubt as is Tampa's new tallest Trump Tower.

[mediaspree]

New article in the Sun-Sentinel this A.M. titled "Rampant overbuilding means condo boom may go bust"

http://www.sun-sentinel.com/news/local/sou...-home-headlines

They mention Icon and the Related Group directly:

"Miami-based condo king Jorge Perez agrees. His company, The Related Group, built more than 15,000 condos in South Florida during the past few years but intends to slow down until demand catches up to supply.

Still, the billionaire developer insists signature projects on Las Olas Boulevard in Fort Lauderdale and on the beach in Hollywood will go forward. "It's not like people are going to stop coming to Florida," he said."

Also I did not know Courtyards At Flagler Village has been scraped. What is to become of Flager Village if there are no villagers?

[Dale]

Okay, so this seems to suggest that ddsfla's source was misinformed.

[ddsfla]

Yep - I agree - looks like instead of tearing down the new sales office they are redoing it make it even more upscale.

Although it will undoubtably be a beautiful addition and a well executed project, I still have to wonder about trying to sell a bunch of small apartments (<2000 sq ft) for around a million bucks each when neighboring luxury buildings are a comparible bargain.

[Dale]

No, offense, but I'm glad that it appears that your friend of a friend was wrong.

[mediaspree]

Yep - I agree - looks like instead of tearing down the new sales office they are redoing it make it even more upscale.

Although it will undoubtably be a beautiful addition and a well executed project, I still have to wonder about trying to sell a bunch of small apartments (<2000 sq ft) for around a million bucks each when neighboring luxury buildings are a comparible bargain.

Look what they are building nextdoor to my modest 2/2 I paid less than 250k for (3 years ago) within a stones throw of all the new construction

http://www.realtor.com/Prop/1064128261

I really don't know who are buying these places...or if the market can sustain them