FORT LAUDERDALE, Fl – Coral Gables-based real estate firm Altis Cardinal, led by Frank Guerra and Alberto J. Suarez, yesterday hosted a groundbreaking ceremony to commence its newest project, The Adderley, an apartment development located in Fort Lauderdale’s Progresso Village neighborhood. The event took place at The Adderley’s future address: 501 NW 7th Ave.
“As downtown Fort Lauderdale becomes more populated, there is a need for more conveniently located, accessibly priced living spaces,” said Frank Guerra, principal and founder of Altis Cardinal. “We’re proud to be part of the solution and support revitalization efforts in the Progresso Village neighborhood.”
The Adderley will feature 417 studio, one-, and two-bedroom units in two six-story buildings, with ten percent workforce housing to be offered to families with incomes not exceeding the area median income. Amenities will include a fitness center, swimming pool, zen courtyard, bowling alley, yoga room, sky lounge, workstations, dog park, and dog wash area, and bicycle storage, among others. The project covers an entire city block and includes 12,000 square feet of leasable commercial real estate.
“We’re pleased to celebrate another moment in our city where investment in our communities is a priority,” said Fort Lauderdale Mayor Dean Trantalis. “The Sistrunk community has long deserved the attention of the commission and investment community. Together, they are creating something that is exciting, purposeful, and will help generate more interest in the northwest.”
“Relationships, community, and hard work create smart development,” said District 3 Commissioner Robert L. McKinzie. “It’s refreshing to see the momentum is now shifting to Northwest Fort Lauderdale, with this project being vital for the betterment of our area. Let’s embrace and be a part of it.”
The Adderley complements Fort Lauderdale’s existing efforts to revitalize the city’s historical Sistrunk corridor and Progresso Village neighborhood through the redevelopment of vacant properties, meeting the community’s current and future needs while preserving the area’s character and charm.
With roots planted in the South Florida real estate market, Altis Cardinal focuses on multifamily development throughout Florida with current projects totaling more than 3,200 units in Jacksonville, St. Petersburg, and Tampa. Its principals boast a wealth of experience in the real estate field, including the development, acquisition, and management of more than $3 billion in real estate projects.
Founded by Frank Guerra and Alberto J. Suarez during the height of the recession in 2009, Altis Cardinal was built on the belief that opportunities for urban redevelopment could be found regardless of the economic climate. Previously, Guerra led a distinguished legal career – most notably practicing real estate law at Bilzin Sumberg in Miami. Prior to Altis Cardinal, Alberto J. Suarez led the development of multi-million dollar projects during his tenure at Codina Development, now known as Flagler Development.
For more information about Altis Cardinal, visit: www.altiscardinal.com
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