Located directly on the New River in downtown Fort Lauderdale, the New River Yacht Club presented an ideal redevelopment opportunity. With a best-in-class partner, the Related Group of Florida, Rabina purchased the parcel and the adjacent marina in 2004. Rabina saw that zoning would allow a significantly higher density use for the site and that the character of the neighborhood was evolving. This made the development parcel a perfect acquisition for a patient investor.
When construction started in late 2012, it was the first residential project to break ground in Fort Lauderdale in five years. The leasing phase of the 249-unit New River Yacht Club exceeded projections, both in price per square foot and absorption. After opening the leasing office in March 2014, Rabina reached 95% occupancy by December of the same year – six months ahead of schedule. The following summer, Rabina refinanced the stabilized property with Fannie Mae.