Devco South – Drake Towers

1978 to 1979

1800 N. Andrews Avenue, Fort Lauderdale

Condo-Conversion

13-story, 143 condominiums


Opportunity:  Built towards the end of the early 1970’s Florida condominium boom, the original developer had lost the 143-unit building to its construction lender.  After spending a few years owning it, the bank was eager to sell it in mid-1978.

Task:  The challenge was to cosmetically renovate, improve and convert it into condominiums within a limited budget, and to aggressively market them in a market that was just emerging from the 1975/77 real estate correction.

Results:  While the project took less than 12 months from beginning to end, its sales were completed in only 17 weeks.

Drake Towers

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