Art Falcone’s Encore Capital Management is launching a new rental project in Fort Lauderdale called ‘The Rise Flagler Village,’ which is planned to rise 30 stories at 405 Northeast 2nd Street.
The developer secured $75 million in construction funding this week from Pacific Western Bank and Square Mile Capital. The 348-unit development was designed by Cohen Freedman Encinosa & Associates Architects Pa Inc. and is expected to begin construction in the first quarter of next year.
Including in the plans is an amenity deck with a pool, a garden, a fitness center, and a lounge area. There also will be ground-floor retail.
“The number of young professionals living in this part of Fort Lauderdale is rapidly growing, and housing is in high demand,” Falcone said in a statement. “Many of them prefer to rent in an amenity-rich, luxury apartment building, rather than worry about purchasing a home. ‘The Rise Flagler Village’ will be built to serve this growing population.”
Encore already has developments under the “Rise” brand across the country, including projects located in Portland, San Francisco, and Los Angeles.