Fort Lauderdale, Florida – The commencement of construction on Hanover Riverwalk, a multi-purpose 36-story project in Broward County, has been officially declared. The tower, whose construction costs are expected to surpass $120 million, is set to house 380 apartments and provide 2,700 square feet of retail space. The apartment sizes will vary, with units ranging from 750 square feet to 1,440 square feet, including one-bedroom to three-bedroom options.
New outlets reported on the progression of this project in February 2022, when the developer was pursuing site plan approval. At that time, the project was referred to as “1st Avenue Residences.” It was indicated that the project’s amenities will feature a landscaped amenity deck, a swimming pool, cabanas, and other on-site facilities.
Due to the vast scale of the venture, the construction phase is anticipated to span from 18 months to two years. The construction site encompasses 1.54 acres and is located south of the New River. The Hanover Companies is the property owner of Hanover Riverwalk.
As reported by the South Florida Business Journal, the developer acquired the construction site for $20 million in 2022 and will also act as the general contractor. At present, there is no architect listed in connection with the project. Hanover Riverwalk plans to introduce additional multi-family housing developments in South Florida, with the apartments likely being set at market prices.
Hanover Riverwalk’s address is 477 S.W. First Ave., Fort Lauderdale, Florida, 33301, in Broward County. It’s east of I-95. Prior to the start of construction, the build site was unoccupied.