By Eric Newill
Photography by Gio Alma
If you want a visceral snapshot of Fort Lauderdale’s evolution, head over to the 2200 block of North Atlantic Boulevard and face the water. To the north you’ll find the shell of the venerable Ireland’s Inn, an iconic property that hosted loyal patrons for several generations. Its undulating, S-shaped form evokes a phantom image of the fun and splash of decades past, when this was where the boys were (and all the girls who loved them).
Just to its right is a low, sleek structure, a seeming transplant from chic Bali. Inside, one encounters a womb of minimalist elegance—fine Italian cabinetry, luxe fabrics, cool stone and marble—all meant to woo buyers to plunk down a couple million or so to live at the new Auberge Beach Residences & Spa. To cement the deal, visitors can walk out onto a teak deck and bask in the glorious breeze, sparkling light and sonorous roar of the Atlantic Ocean mere feet away. A massive Botero sculpture called La Maternidad stands watch.
This is the past and the future, together for a brief moment on this golden strip of land. But the juxtaposition points the way toward a new luxury high-water mark for Fort Lauderdale.
“I equate this city to a 6-foot, 2-inch seventh grader with great basketball agility,” says Andy Mitchell, whose family owned Ireland’s Inn and who spearheaded the property’s conversion. “He doesn’t know his power yet, but he’s on his way to becoming a major star.” As president/CEO of the Fairwinds Group, Mitchell is collaborating with esteemed luxury brand Auberge Resorts and powerhouse developer the Related Group to make his project “the finest example of world-class living that exists in Florida.”
A CITY RISES: The Related Group, led by Jorge Pérez, second from right, says buyers are discovering Fort Lauderdale and its value, which he estimates as less than half of the waterfront costs in Miami. His team includes Patricia Hanna, Wendy Marks, Eric Fordin, Carlos Rosso and Matt Allen.
“There is not a building like this in Miami,” says Carlos Rosso, president of Related’s Condominium Division. “The size of the units is incredible, with huge terraces and private gardens.” And with a world-renowned portfolio including Auberge du Soleil in Napa Valley and Aspen’s Hotel Jerome, operating partner Auberge will bring a level of finely tuned detail to the property rarely seen in South Florida. “It’s relaxed, chill sophistication for those in the know,” Rosso adds.
“Subdued refinement works very well in Fort Lauderdale.”
“We reinvent ourselves as a community and destination every couple of decades, and we’re definitely more upscale than we’ve been in the past,” says Nikki Grossman, president of the Greater Fort Lauderdale CVB and a longtime leader in promoting Broward County to the world. “We’re now attracting discerning residents who are making a large financial stake in the community.”
Indeed, the area’s affluent yet low-key vibe, combined with ever increasing global access via air and sea, has made it something of a best-kept secret for the moneyed set. “Buyers are discovering Broward,” says Jorge Pérez, CEO of the Related Group, “and are appreciating it as a more relaxed, slower-paced alternative to Dade. In many ways, Miami can be compared to SoHo or TriBeCA, while Fort Lauderdale offers the timeless elegance of Fifth or Park Avenue. Not cutting-edge, not trendy, but with a great sophistication.” Plus, he says, “The quality is as high as we are doing in Dade, but at less than half the price.”
Rosso estimates that the equivalent of a $3,000-per-square-foot property in South Beach costs $1,000 per in Fort Lauderdale, “but it will at some point become $4,000. It’s the same beach, the same ocean, but with a much better quality of life.”
Grossman agrees: “We’re still a destination of value, but that’s changing. The coastline is limited, and people are realizing they’ll have to pay coastline prices.”
It’s not just the shoreline that’s heating up, however, as downtown Fort Lauderdale is experiencing an unprecedented boom. “There’s been a huge influx in residents,” says Patricia Zeiler, former executive director of the Downtown Fort Lauderdale Transportation Management Association and now executive director of the city’s Historical Society. “Baby boomers and millennials desire culturally to live in the city center, and the infrastructure has caught up to make downtown one of the best places to be. There’s a sensitivity now to open green spaces and the riverfront, and these density changes are good for the environment. People realize they don’t necessarily need to live in huge, sprawling houses, which is a boon for the carbon footprint.”
BUILDING BLOCKS: Above:?The Related Group’s Carlos Rosso, president of the Condominium Division, and Patrick Campbell, vice president, are spearheading the company’s push into Broward County.
With its 26-story, 249-unit New River Yacht Club in downtown Fort Lauderdale, Related was among the first to create a luxury building for renters, a perspicacious move whose success is proven by the property’s 98 percent occupancy rate. “There was a huge, pent-up demand for this kind of housing,” Pérez says. “I call them ‘renters by choice,’ who desire a very professional, high-income building.”
Now, the company is bringing its edgy aesthetic to the new Icon Las Olas, on a prime piece of riverfront property in the heart of Fort Lauderdale’s historic dining and shopping district, just east of Lobster Bar Sea Grille. The expansion of nearby entertainment, lifestyle and professional options has allowed the downtown to thrive, says Michael Weymouth, president of The Las Olas Company, a major local investor whose properties include the iconic Riverside Hotel. “An entire concentration of people want to be part of this unique culture,” he says. “They’re able to leave their cars behind and walk to work, grab lunch, buy groceries, see their doctor, go out to dinner. A lot of different elements have come together, with the economy first and foremost. Demand is high, and these areas are catering to young urban professionals.”
With more than $1 billion in investments and 15 projects being developed in Broward, Related’s reach extends far beyond the city of Fort Lauderdale. “We’re all over the county,” says COO Matt Allen, “from Pompano Beach to Davie to Pembroke Pines.”
MARKET TRENDS: Situated on the beach, Auberge Beach Residences & Spa is the only on-the-sand new-construction luxury residence on Fort?Lauderdale beach. Designed by Nichols Brosch Wurst Wolfe & Associates, plans for the property include private terraces with panoramic ocean views.
If there’s a key Related locale aside from Fort Lauderdale, however, it’s the Hallandale/Hollywood axis. And the market for the two is decidedly different. With projects such as Apogee Beach and the new Hyde Resort & Residences—a partnership with the cutting-edge SBE brand whose portfolio includes The Raleigh South Beach and SLS Hotel—Related has been able to market Hollywood as an extension of Miami-Dade County and “bring the Miami vibe north,” says Rosso. Adds Pérez, “We’re going for the younger crowd in Hollywood, which is more hip. SBE is trendy and modern, and Hyde will exemplify that. Also, our clients are almost completely second-home and investment buyers, with a huge amount of owners from Latin America.”
By contrast, Related views Fort Lauderdale as “an end-user market for well-heeled Northeasterners, Midwesterners, internationals who want to spend quite a bit of time here,” Pérez says. “Maybe they’re empty nesters who don’t want the headaches of a house, or maybe they want to upgrade their condo, but they are all looking for laid-back, timeless luxury.”
“Our residents could live anywhere in the world, but they choose Fort Lauderdale,” says Auberge developer Mitchell. “It’s because people feel a sense of community here. Fort Lauderdale has evolved into a wonderful place, but even as it rises in its level of sophistication and elegance, it still protects the things it holds dear. You have to build something world class, and you have to take your time in gaining the community’s trust because they’ll do everything they can to make sure you pass muster before you get a thumbs-up.”
Originally appeared in the Spring 2015 issue.
