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Cymbal DLT reveals 50-story next phase of Raintree project in Fort Lauderdale
South Florida Business Journal   Brian Bandell  November 28, 2022

Cymbal DLT Cos. has revealed the next phase of its Raintree project along the New River in Fort Lauderdale featuring three towers and a marina.

This would bring the cost of the project to about $1 billion.

Miami-based Cymbal DLT Cos., led by Chairman Asi Cymbal, started site work on the first phase of the Riverwalk Raintree Residences in October with 677 apartments and 21,000 square feet of commerce space planned in towers of 28 and 29 stories. The company also started relocating a historic African rain tree to make way for the buildings, with the developer putting up a $1 million bond to ensure the health of the tree.

The next phase of the project would be considerably larger.

The city’s Development Review Committee will hear plans for the Nautica Residences and Hotel on Nov. 29. It would be located on the 3.82-acre site at 400 S.W. Third Ave.

Totaling 2.09 million square feet, the Nautica project would have a 50-story condo with 241 units, 39-story apartment tower with 454 units, a 32-story tower with 155 rooms, 16,700 square feet of commercial space, 13,150 square feet of restaurants, a 4,600-square-foot café, and a marina with 78 dry stack slips and 12 wet slips. There would be 1,582 parking spaces.

Amenities would include a pool deck, a spa, a hotel ballroom, a coworking center, a game room, a lounge, a party room, a fitness center and a kid’s room.

The condos would range from 855 to 1,911 square feet. There would be 71 one-bedroom units, 68 two-bedroom units, 36 two-bedroom units with dens, 50 three-bedroom units and 16 three-bedroom units with dens.

The apartments would be a bit smaller, ranging from 471 to 1,215 square feet. There would be 96 studios, 124 one-bedroom units, 12 one-bedroom units with dens, 182 two-bedroom units, and 40 three-bedroom units.

Cymbal said Nautica is a temporary name for the project. He’s working on a deal with a luxury hospitality brand for the condo, apartments, hotel and marina. He expects to announce the brand partner and launch condo sales around the time of the Fort Lauderdale International Boat Show in October 2023.

One of the more unique features of the project would be a yacht valet, Cymbal said. Condo owners could tap a button on their phone and the marina staff would have their yacht ready and stock for them downstairs, he said. The goal is to prepare the yachts within three minutes, he added.

“Imagine you are a wealthy international jet-setter who loves yachting who has a second or third home in South Florida and here is an opportunity to have a luxury-branded home along with a yacht valet that maintains and caters your yacht,” Cymbal said. “We also expect many locals who want a luxury hotel experience on the waterfront in urban Fort Lauderdale.”

Cymbal said the condos will permit short-term rentals, but not the apartment building. The project would include a membership club with certain amenities, such as the spa, open to the public.

He’s represented in the application by attorney Stephanie Toothaker. Miami-based Arquitectonica designed the project. Cymbal DLT will be the general contractor as well.

Cymbal said he’ll break ground on the first apartment at Raintree Riverwalk Residences in June 2023 and the second phase six months later. He expects to start construction of the Nautica project in the first or second quarter of 2024.

This would be one of the largest developments in Fort Lauderdale, a city that’s been attracting many new residents as people relocate here from high-tax states. This would also bring more yachts to town, creating more revenue for the marina industry.