Feldman Equities won rezoning approval to redevelop a portion of the Pinnacle Corporate Park in Fort Lauderdale with a 310-unit multifamily complex, in partnership with Greystar.
The 13-acre property is at 500 Northwest 62nd Street in Fort Lauderdale’s Cypress Creek area. The zoning changed to the city’s Uptown Urban District designation, which aims to bring residential development to heavily commercialized areas.
The project would add four five-story residential buildings and 2,800 square feet of commercial space, including 480 square feet of outdoor seating. Forty-six of those units would be restricted to households earning up to 120 percent of the area’s median income of $96,100, according to Fannie Mae. The restriction would last for 30 years.
Plans call for a five-story parking garage with 321 parking spaces on the property’s east side.
Pinnacle Corporate Park has two office buildings spanning a combined 276,000 square feet. Records show the offices were built in the 1980s and will remain, according to the preliminary site plan designed by Dorsky and Yue Architecture.
Feldman Equities, led by Larry Feldman, bought the office complex for $58.9 million in 2021, which was $226 per square foot. It was the Tampa-based investor’s first South Florida real estate investment, The Real Deal previously reported. Brokers for the seller said at the time the sale was ranked among the highest price per square foot in the Cypress Creek submarket since 2011.
Feldman Equities is partnering with Greystar on the project, the South Florida Business Journal reported. Greystar did not respond to requests for comment.
Feldman Equities declined to comment on the project.
The firm and its joint venture partners own or manage over four million square feet of office space in Florida, according to its website.
Feldman acquired a 28-story office building at 200 Central Avenue in St. Petersburg last month, the South Florida Business Journal reported. The price wasn’t disclosed. The firm owns several office buildings in St. Petersburg, including the newly renovated City Center, First Central Tower, Morgan Stanley Tower and Castille at Carillon.
Greystar is the largest operator of apartments in the United States, according to its website. The South Carolina-based real estate company manages and operates $320 billion of real estate in 249 markets worldwide, including over 967,000 apartment units.
