Icon Las Olas Apartment Tower Featured in the South Florida Business Journal
The Icon Las Olas apartment tower has been completed in downtown Fort Lauderdale, and it’s already setting records for highest rents in the city.
After over 15 years of working on the project, the Related Group, Rabina Properties and Perella Weinberg Partners have welcomed the first residents into the 272-unit building along the New River at 500 E. Las Olas Blvd. The 45-story building was designed by Sieger Suarez Architects with Interiors by Steven G and landscapes by EGS2 Corp.
Related Group VP Patrick Campbell said Icon Las Olas is over 60 percent leased after the developer started leasing in June. The average rent is just over $4,500. It ranges from $2,800 to $7,000, although a double unit that was created at the request of a renter has been leased for $13,000, he said.
Apartments at Icon Las Olas range from 960 to 2,000 square feet. That means the rents exceed $3 a square foot – a level rarely reached in downtown Fort Lauderdale.
“This far surpasses what we would do at a typical rental. It’s equivalent to a high-end condo,” Campbell said. “It’s extremely expansive to build a high-rise rental of this caliber, and if we need to push rents to justify our investment, we need to give people the lifestyle that corresponds to those level of rents.”
The Related Group might eventually convert the Icon Las Olas apartment to a condo, but that’s not in its immediate plans.
The apartments have Sub-Zero refrigerators, Bosch appliances and Italian cabinetry. Amenities include a rooftop pool, sky terrace, fitness center with a pilates and spinning studio, club room and a wine tasting salon. The building features art from Lynne Gelfman, Jon Millián and Jordan Kasey.
Japanese restaurant Etaru, from Zuma restaurants creator Rainer Becker, will open in the building. It has 15,000 square feet of retail.
The Related Group has several other apartment development sites in downtown Fort Lauderdale, with one near the New River Yacht Club and another near the SunTrust Centre.