Fort Lauderdale Redevelopment Strategy

Situation

A private equity group had acquired a former retail strip center with plans for mixed-income residential. 8 months in, the project hadn't advanced past concept stage. The original concept assumed a variance for building height the municipality had no precedent for approving, and the pro forma used construction costs 22 months old.

Approach

River restructured the program to a lower-density configuration working within existing zoning, reducing permitting timeline from 18 months to 7 months. The construction budget was rebuilt using current pricing through FL Pro's market contacts, increasing the estimate by 14% — changing the capital structure but preserving a viable base-case return.

Execution

River restructured the program to a lower-density configuration working within existing zoning, reducing permitting timeline from 18 months to 7 months. The construction budget was rebuilt using current pricing through FL Pro's market contacts, increasing the estimate by 14% — changing the capital structure but preserving a viable base-case return.

Outcome

The project advanced to full entitlement with a credible program and updated capital structure for the first time. River continued as owner's representative through permitting and construction phases.