Fuse Group Plans Fort Lauderdale Apartment Complex

Left to right: Eyal Peretz and Shimon Elkabetz of Fuse Group with a render from The Arcadian project (Fuse Group, TBA)

Eyal Peretz is adding 480 apartments to an area just west of Fort Lauderdale’s Flagler Village.

His Fuse Group has submitted plans for an eight-story building that will rise at 640 Northwest Seventh Avenue, or the northeast corner of Sistrunk Boulevard and Northwest Seventh Avenue. The Arcadian project will also include 48 affordable rental apartments; 15,000 square feet of retail and restaurant space; a 600-space garage and yard, according to a company statement and rendering.

The city administration gave final approval to the site plan this week, so the project is ready to move forward, Peretz confirmed in an email. In August, the Fort Lauderdale Development Review Board gave the green light to The Arcadian, although the council imposed some conditions. The administrative approval granted on Monday means that these problems have been corrected.

Fuse assembled 4.4 acres, which encompass the development site, in multiple deals in 2018 and 2019 for a total of $9.8 million, records show. The properties include the full block between Sistrunk and Northwest Seventh Street, and between Northwest Seventh and Sixth Avenues, plus two vacant lots immediately to the east. It’s unclear if The Arcadian will cover the entire 4.4 acres.

Fuse is developing the project with Krea USA, a sister company of Casa Krea, a Mexico-based development company.

Javier Font of Behar Font & Partners is the architect.

The Arcadian will rise in the historic Sistrunk neighborhood of Fort Lauderdale. The neighborhood is considered the heart of the city’s black culture and history and is largely home to residences, mom-and-pop stores and churches, according to the Fort Lauderdale Community Redevelopment Agency website.

Construction is expected to begin in the middle of next year.

Fuse Group, which is based in Fort Lauderdale, bought Downtown Miami’s Security Building, an office tower at 117 Northeast First Avenue by buying the note that had been seized, then resolving the lawsuit filed by the lender against the previous owner. Fuse is directed by Peretz and Shimon Elkabetz.

The town’s urban core, including the nearby village of Flagler, has attracted the attention of multi-family developers in recent years.

This month, Midtown Capital Partners and Prospect Real Estate Group paid $9.4 million for the development site at 4 Northwest Seventh Street where the couple plans a 12-story, 173-unit apartment project.

Also this month, Raimundo Onetto’s Alta Developers paid $20.8 million for the property at 100 Southwest Sixth Street, with plans to build a 35-story apartment tower with 400 units.

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