Phase II of a mixed-use apartment tower development dubbed Society Las Olas will soon commence in Fort Lauderdale, Florida. Property Markets Group (PMG) partnered with Greybrook to develop the 42-story tower, which will bring 563 units to the location. Additionally, the developers secured a $226 million loan from Related Fund Management and Lubert-Adler to cover the project’s construction costs.
The second phase of the Society Las Olas project will feature a 42-story apartment tower at 140 Southwest Second Street. It will be the second apartment building at the project site, which follows the 639-unit tower from phase one. The first phase was also a mixed-use apartment, which was eventually opened in May 2020 and sold in 2021. However, it was PMG and Greybrook who purchased the project’s 17,000-square-foot retail component for $17 million in early 2022.
Timeline for phase II of the Society Las Olas project
PMG’s partner, Ryan Shear said the 42-story Society Las Olas tower will be the newest addition to the Riverfront district redevelopment. He also said it would build on the success of phase I, which reimagined the corridor with retail and art installations. Thus far, the developers have already commenced groundwork and they expect the project to reach completion by Q1 2026.
Upon completion, the 42-story Society Las Olas tower will feature 563 new luxury apartments. However, these units will include both traditional rental arrangements and co-living/rent-by-bedroom options. In addition, this second phase of this project also offers a 1,652 square foot ground-floor retail component. The design-build team for the project will include John Moriarty & Associates as the general contractor. While FSMY Architects + Planners will serve as the architect.
The new 42-story Society Las Olas tower will provide amenities such as a coworking lab with private meeting rooms. Furthermore, residents will also have access to a pool deck, yoga lawn and a modern fitness center. The design for the building incorporates a proprietary mobile app which enables keyless entry. Additionally, the technology will allow future residents to conveniently manage guest lists, adjust smart thermostats, and send notifications about packages. They could also use the app to manage payments, request maintenance and even register for community events.