Cymbal DLT secures $32 million loan for Fort Lauderdale Riverfront development
asian cymbal literally takes root along Fort Lauderdale’s waterfront.
DLT Cymbal Companies closed a $32 million construction loan with REIT 3650 to spin the propeller on a 6-acre waterfront project in Fort Lauderdale that spanned a decade.
The project in Fort Lauderdale’s Downtown Riverwalk neighborhood will be developed in four stages, something Cymbal DLT has been planning for more than a decade. The neighborhood will feature a host of proposed attractions, residential towers, a yacht club and more.
The company has even budgeted what it will cost move and replant an african leviathan rain tree away from where he plans to build the tower.
The first phase covers 1.5 acres at 408 SW Fourth Avenuecovering 200 feet of waterfront. The second phase is about the same size and located at 413 SW Third Avenue. The third and fourth phases will redevelop 3 acres of land at 400 SW Third Avenue and 300 feet of waterfront, according to Cymbal, president of Cymbal DLT Companies.
“This funding will be an important step in bringing the entire site to a start-ready state. We seek to meaningfully transform Fort Lauderdale for the better with exciting architecture and design,” Cymbal said in a statement. “Once completed, our neighborhood will also connect the last remaining piece of the Riverwalk and showcase our beautifully preserved rain tree.”
The first-phase residences will be two mixed-use towers, 28 and 29 stories high, designed by the architectural firm Jo Palma + Partners. The developers will inaugurate the works in the summer of 2023.
The lender, 3650 REIT, did not immediately respond to a request for comment.
The $32 million loan is to cover the inauguration of all four phases, but additional funding will be needed to go vertical, according to Cymbal.
Cymbal is also spending about $1 million and has posted an additional $1 million bond to hire tree conservators to move Florida’s tallest African rain tree to the new site. It’s 80 years old, 100ft tall and has a 100ft canopy, according to Cymbal, and the business will have restaurant seating under the tree. “I love this tree,” the Cymbal founder told The the wall street journal in 2013. “It’s not my intention to have the soul of an 80-year-old defeated rain tree following me everywhere.”
Fangorn Ents would agree.
Cymbal DLT’s vision for the neighborhood includes rental towers, a condominium building, a hotel, members clubs, and a marina and yacht club. The neighborhood will also include offices, retail spaces and dining establishments.
Architecture is the architect behind phase two of the project, details of which will be released next year.
Marc Hallum can be contacted at [email protected].