A joint venture between Cain International and Kushner Companies has put a 40,504-square-foot property at 633 S Federal Highway under contract, planning twin towers of 28 and 22 stories that would deliver 440 residences just south of Fort Lauderdale’s New River. The entity behind the deal, CI River District Phase 1 Owner LLC, is negotiating to buy the site from current owner OKO Group, which has held the parcel since 2020.
Renderings and plans for the project, dubbed Rio Vista Residences, were detailed by Florida YIMBY, which reported that Palma Architecture is designing the mixed-use venture. The site sits at 633 S Federal Hwy, Fort Lauderdale, Florida 33301, in Broward County, and the plan calls for 570,362 square feet of new construction connected by a nine-story podium linking the two towers.
What’s Inside the Two Towers
According to the outlet’s report, unit layouts would range from studios through three-bedroom configurations, with floorplans spanning roughly 565 to 1,625 square feet. The project would also include 841 parking spots. Amenities described in the plans include multiple resort-style swimming pools, hot and cold plunge pools, and a fitness center with a Pilates studio.
Commercial space folded into the towers’ podium includes 11,550 square feet of retail, more than 4,000 square feet of restaurant space, and 69,363 square feet dedicated to health and fitness uses, per figures the outlet attributed to the South Florida Business Journal.
A Site OKO Group Has Held Since the Pandemic
OKO Group originally bought the property in June 2020 for $33.16 million, as part of a larger three-block, $63 million assemblage, according to Avison Young. That purchase came as downtown Fort Lauderdale’s central business district office vacancy rose 385 basis points during the second quarter of 2020, a shift the firm says encouraged developers to convert downtown commercial land into high-density residential projects. OKO Group has held onto the Federal Highway parcel for six years before agreeing to put it under contract with the Cain-Kushner venture…