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With only 45 kilometres separating the two Florida cities, Fort Lauderdale is often overshadowed by the much larger metropolis of Miami. The annexation of outlying neighbourhoods has pushed the city's population past 170,000 people, while the local economy continues to diversify. During much of the 20th century, the city was primarily known as a popular spring break retreat for college students. It has since evolved into a more sophisticated destination with a broader range of attractions, pulling in wealthy tourists and large cruise ships.
Hotel occupancy is at an all-time high and new condominium development has surged in the city. South Florida is booming and Broward County — of which Fort Lauderdale is the county seat — is in the midst of exciting change. Representative of the increasing value of the market, Jorge M. Pérez, Chairman of the prominent development firm The Related Group, recently listed his $20 million penthouse at One Ocean South Beach and went to contract on a $2.4 million unit at Auberge Beach Residences & Spa Fort Lauderdale. The 1,800-square-foot suite, set to include two bedrooms and three baths entered by private elevator and foyer, will be located on the 15th floor of the new complex.
The two-tower Auberge project recorded the city's highest-priced condominium sale when a buyer purchased a penthouse unit for $8.9 million. Featuring a design by Nichols Brosch Wurst Wolfe & Associates, the project's curved and receding silhouette is highlighted by wide balconies and floor-to-ceiling glass windows. Aerial photos show heavy machinery at the beachfront property; the north tower is expected to finish construction in late 2017.
New residential developments in Broward County are typically priced 30 percent lower than in Miami-Dade. By extending beachfront development northwards, The Related Group is tapping into a market that has not yet realized its full potential.
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