Lakeside Plaza OM

LAKESIDE PLAZA | FORT LAUDERDALE OVERVIEW

The Property is located in Fort Lauderdale, coined the “Venice of America” for its extensive network of canals, the county seat of Broward County. Situated just over 20 miles north of Miami, the city is a popular tourist destination and major economic center. The Property’s immediate trade area is a major commercial node due to its proximity to Interstate 95 and the Tri-Rail—in fact, even closer and more convenient than the Fort Lauderdale CBD. The area off of Cypress Creek Road and I-95, known as Uptown Business District of Fort Lauderdale, is also closer to high-demographic areas like Boca Raton and is more central within the South Florida region as a whole. The amenity base around the Property is exceptionally strong, with grocery chains, national restaurant chains, gyms and health clubs, movie theater and many popular, local eateries. The Property also has the distinct advantage of being between the Fort Lauderdale CBD (a few miles to the south) and up-and-coming Pompano Beach (one exit to the north along I-95, off Atlantic Boulevard). Fort Lauderdale was recently ranked No. 2 on the list of “The Happiest Cities for Young Professionals” by Forbes Magazine. Factors behind the ranking include low unemployment (Broward County boasts the lowest rate in the Tri-County region), high-paying jobs within Greater Fort Lauderdale, and the unique quality of life that attracts people to Florida. Indeed, Citrix Systems, located a stone’s throw from the Property at Cypress Creek Road and Powerline Road, is one such employer with high-paying, technology jobs. The Riverwalk Arts & Entertainment District is where residents and tourists go to soak up a theatrical performance, classical music concert, art fair or jazz festival. Famed Las Olas Boulevard comprises a chic, mile-long street adorned with sidewalk cafes, boutiques and galleries that give a quaint neighborhood feel. Fort Lauderdale is also home to the burgeoning F.A.T. Village (Flagler Arts & Technology), which is becoming a magnet for emerging artists, performers and fashionistas, all within a neighborhood of industrial warehouses constructed in the 1950s. All of these dynamics have contributed to a spike in residential construction activity, with nearly 1,400 luxury apartments delivered to the downtown area in the last two years and another 5,800 units under construction or in the planning and approval stages. Neighboring Pompano Beach is undergoing a renaissance of its own, too. East Atlantic Boulevard has a strong Community Redevelopment Agency (CRA) that is working diligently to improve the walkability of the corridor. They are encouraging development activity and restaurants, bars and breweries to locate to this area. The Koi Residences and Marina, whose Phase I is nearing completion, will add 350 luxury townhome units off of Atlantic Boulevard upon completion. The residences are geared towards a younger demographic, and will help transform the municipality, which has traditionally been ranked as one of the nation’s top vacation home markets.

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