Lofty ambitions: from downtown Miami to Delray Beach, a new wave of loft condominiums has entered the South Florida real estate market. But just what is a loft? these non-traditional spaces are as varied as their neighborhoods—and prices

South Florida CEO, June, 2004 by Catherine Mcelrath

Situated on the former site of Apache Marina. Uptown Marina Lofts is far removed from any semblance of grit or funk: a loft building it may be, but it's one with a private beach, marina and poolside tiki bar. "I think the area has a lot of condos, so we have to give our clients a little more, both luxury and space," says codeveloper Gilbert Benhamou of Apex Development Group. "In addition to the amenities, we're also giving a neighborhood feel, with a charter school and a community center on the same street as Uptown Marina Lofts."

Meanwhile, at Space 01 in North Bay Village, the major selling point is, well, space. "Space is the whole concept," says Space 01 developer Ben Klein. "The average unit is 1,200 square feet, with the maximum size 1,800 to 1,900 square feet. People want to buy, they want to own, but they don't want to live in a little box." Priced at $350 to $400 per square foot, ceilings with 12-foot heights and a close proximity to both the beach and the city add extra value.

In Broward County, The Avenue Lofts were the first such spaces to actually open when they came on line last fall, paving the way for more lofts in the up-and-coming downtown Fort Lauderdale area. NOLA Lofts (NOLA standing for North of Las Olas) is bringing luxury lofts to Fort Lauderdale's Flagler Heights area, which is located north of Broward Boulevard, between Andrews Avenue and Federal Highway. The project will include 106 units, a combination of single level units (with eleven-foot ceilings) and dual-level loft penthouses, with prices ranging from the $200,000s to the $400,000s.

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In Palm Beach County, the loft concept is catching on a bit more slowly, with Delray Beach's oceancitylofts leading the pack. The project broke ground last October in the city's trendy Pineapple Grove District, a block and a half from Atlantic Avenue.

Along with "regular" lofts (those with mere 12-foot ceilings), the development will offer split-level mezzanine loft spaces, retail space downstairs, and floor plans that range from 890 to 2,400 square feet. The lofts are offered in the mid-price range, from the high $100,000s to the $400,000s. Sales were immediately brisk, with 50 of the 63 units sold before ground was broken. As of press time, less than 10 percent of the inventory remained.

"We felt that lofts fit the area, that's why we decided to go with a loft project," says Tom Laudani, principal of Southpoint Realty Development, the developer of oceancitylofts. "The price range was set to draw in young people, young professionals who would want to live here but didn't have the right place yet. And right now, right here, lofts are the right place."

* A MIXED APPROACH

The loft concept has become so popular, that many developments--such as Met and Everglades on the Bay, both in downtown Miami--are including lofts in their mix of product. "For the past 30 or 40 years, everything in Florida has been condominiums. Now it's a different kind of condominium," says George Mato, director of sales for Everglades on the Bay. "Still, we don't want to do just lofts--other people are doing that. What we wanted to do is create a mixed use of lofts, studio flats and condos overlooking Biscayne Bay and Bayside Marketplace."