Ludlam Trail is finally getting its first apartments. Groundbreaking is next week
Development along the long-promised Ludlam Trail linear park has lagged. But one project is moving ahead.
Groundbreaking is scheduled next week on Altís Ludlam Trail, a six-story 300-unit apartment complex at 7004 Bird Road. It is due to open in 2022.
Boca Raton-based Altman Companies is banking on its setting, on 2.74 acres with a hammock garden. Amenities will include a pool, barbecue grills, rooftop clubhouse with a media room, fitness center, coffee bar, pet spa, and bicycle storage.
“If you look at this compared to Brickell, where everything is on top of each other, this is a suburban neighborhood near an urban setting,” said Chairman Joel Altman. “A byproduct of this pandemic is people don’t want to be confined by an apartment.”
Units range from a 525-square-foot studio for $1,690 per month to a 1,300-square-foot three bedroom, two bathroom apartment for $3,000 per month. “These are renters that could afford to buy but choose to rent because of the lifestyle,” said Seth Wise, co-CEO of Altman Companies.
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The project got the green light after Altman Companies signed a $55.4 million construction loan, despite the lending crunch that has come with COVID-19. Altman credits its 52-year relationship with Comerica Bank, which is providing financing along with Iberiabank. Another factor, said Altman: “We work conservatively. We put our own equity in the project. It’s easy to see that a bank could get comfortable, even if there was a bump in the road.”
Altman Companies is partnering with Alex Mantecon from the Miami-based MV Real Estate Holdings and the Brickell-based private equity firm Mattoni Group on the project.
The project covers 264,157 square feet, with 256,432 square feet for the 312-unit residential component and 7,725 square feet for retail.
The Altman project is near Ludlam Trail, a six-mile linear park along a former railway corridor. When it will open is still up in the air. Soil contamination discovered two years ago put a halt to popular activities.
This story was originally published June 12, 2020 at 7:00 AM.
