A new mixed-use complex called Sky Building worth $51 million will soon emerge in Oakland Park, approximately 5 km to the north from the Fort Lauderdale metropolitan area in South Florida.
The developer NRI Investments signed a purchase & sale contract, a development agreement, and a lease agreement on the land plot of about 4,000 square metres with the municipal authorities. The construction firm was able to procure funding under the current challenging economic circumstances thanks to Walker & Dunlop, a financial services provider. The loan-to-cost ratio is 80%.
Sky Building will contain 136 inexpensive residences for the workforce and other lower-income categories of the population. A skybridge will connect the building with the new Oakland Park City Hall (hence the name). Approximately 140 square metres on the ground floor will be reserved for retail space. The construction completion term is not disclosed yet.
The prime location in the immediate vicinity of the large and economically thriving Fort Lauderdale guarantees a high demand for both residential and commercial properties in the new complex.