Luxury Apartments Opening Near Las Olas
Posted on 1/13/2016Leasing has started at the 254-unit Amaray Las Olas, an ultra luxury apartment building within walking distance of Las Olas Boulevard in Fort Lauderdale.
The 30-story tower is under construction at Northeast Second Street and Eighth Avenue. Studio and one-, two- and three-bedroom units range from 768 to 2,450 square feet. Monthly rents are from about $2,000 to $5,800.
While Amaray Las Olas rents are pricey, more upscale renters are willing to pay top dollar, particularly those who want to be near downtown nightlife, said L. Keith White, president of the Reinhold P. Wolff Economic Research in Oakland Park.
"It's to be expected," White said. "It's not unusual anymore."
The project is being developed by The Rockefeller Group and a division of Stiles Corp. Stiles says it's trying to appeal to professionals who want larger apartments and no home maintenance responsibilities.
"It's amazing how many people I talk to who feel exactly that way," said Doug Eagon, president of Stiles.
Rental rates have increased across South Florida in recent years as young professionals look to keep their options open and former homeowners struggle to qualify for mortgages.
Broward County's overall average rent is $1,553, compared with $1,436 a year earlier, according to Wolff data. Palm Beach County's overall rent is $1,520, up from $1,429. Miami-Dade's rent has increased to $1,609 from $1,532.
Amenities at Amaray Las Olas include a coffee bar with indoor and outdoor seating, a resident lounge with a demonstration kitchen, a yoga studio, swimming pool and billiard lounge. The community also will have private garages, car-charging stations, a dog spa and a dog park.
"Amaray Las Olas will offer an exciting combination of high-quality finishes and unique amenities that include modern spaces designed for social gatherings, entertainment and relaxation," John Petricola, a senior vice president of Rockefeller, said in a statement.
Construction is due to be complete in the spring.
The leasing center is at 790 E. Broward Blvd., suite 202. For more information, go to amaraylasolas.com.
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