Colombian development giant Continua Developments has secured a $28 million construction loan to develop Urbania Flagler 1st Ave., a new 110-unit apartment community in Fort Lauderdale’s Flagler Village neighborhood. The project, a 11-story mid-rise, will also feature ground-level retail space and extensive resident amenities, marking Continua’s growing presence in the South Florida market.
Key Takeaways
- Continua Developments has secured $28 million in financing for a new apartment project in Fort Lauderdale.
- The development, named Urbania Flagler 1st Ave., will feature 110 units and ground-level commercial space.
- The project underscores Continua’s expansion into the United States, particularly in South Florida.
Project Details
Urbania Flagler 1st Ave. will be an 11-story building offering a mix of studio, one-bedroom, and two-bedroom apartments. The development will include 3,875 square feet of commercial and retail space on the ground floor. Resident amenities are set to include a gym, social and coworking spaces, an outdoor pool, deck, and hot tub. The building will also provide 137 parking spaces across its lower three floors.
Financing and Development Team
The $28 million construction loan was provided by Goldman Sachs. JLL Capital Markets facilitated the transaction, with their Debt Advisory team, led by Managing Director Max La Cava, Director Jimmy Calvo, and Director Kenny Cutler, representing Continua Developments.
Continua Developments’ Expansion
Headquartered in Colombia, Continua Developments is one of the country’s largest development companies, with a track record of delivering over 62,200 apartments. The company has recently focused its expansion efforts on the United States, with a particular emphasis on South Florida. Other planned U.S. projects include Urbania NoMi 125th St. (195 units), Urbania NoMi 6th Ave. (240 units), and Urbania Hialeah (644 units), all located in South Florida.
South Florida Multifamily Market Overview
The South Florida multifamily sector has shown resilience. While vacancy rates saw a slight increase in the latter half of the first half of 2025 compared to the first half, demand remains strong. For the 12 months ending in the second quarter of 2025, the market absorbed 17,623 units, an increase from 13,575 units absorbed in the second quarter of 2024. The number of units under construction in Q2 2025 was 43,296, indicating continued development activity in the region, with other notable projects like Related Group’s Andare Residences Design by Pininfarina also underway in Fort Lauderdale.