After years of trying to convince developers and investors that it’s a viable alternative to Miami and Palm Beach, Fort Lauderdale’s pitch is starting to resonate.
The South Florida city has drawn an influx of luxury condominium projects and one of the region’s largest new corporate tenants. Much of the work is planned and financed by deep-pocketed New York developers betting that Fort Lauderdale’s time has finally come.
“For some people, Miami became too hectic, too busy, too noisy,” said Miki Naftali, whose firm is developing more than 250 condo units and a rental building in the once-industrial Flagler Village. “So Fort Lauderdale is a fantastic city for those that just want one notch down.”
In five to 10 years, he added, “You will see a lot of price appreciation, because we are just at the beginning of the story.”
Roughly an hour’s drive from both Miami and Palm Beach, Fort Lauderdale’s relatively lower cost of living combined with improving rapid transit is starting to invigorate the city’s downtown.
The Brightline to downtown Miami takes about 40 minutes and can cost as little as $9 with a multi-ride pack, less than the highest rush-hour tolls. Airlines have also increased service to the local airport, filling the void left when Spirit Airlines shut down.
Among the area’s newest residents from other states, the New York City metro area remains by far the biggest feeder, but California is gaining, with 22% of out-of-state movers coming from Los Angeles or San Diego, according to the city’s downtown development group. And most are young, with the population of adults under age 45 living in downtown Fort Lauderdale up 25% since 2020.
Some of the new residents may be drawn by Florida’s lower overall taxes, but soaring costs in Miami may make its northern neighbor more attractive. Homes in Fort Lauderdale have always been cheaper, but the discount is shrinking. The median sale price in Fort Lauderdale is about $70,000 less than Miami, down from a gap of around $120,000 a year ago, according to data from Redfin.
To Dependable Equities co-founders Isaac Schlesinger and Simon Dushinsky, it looks a lot like their home borough of Brooklyn, where they developed luxury condos in Williamsburg, Greenpoint and Bushwick.
The pair is developing three projects in Fort Lauderdale. The first, Ombelle, is a two-tower, 754-unit project estimated to complete around 2028. One of the towers is 45% presold, Schlesinger said. In a nod to its target demographic, Ombelle will host the city’s first Equinox gym.
