A 35-story rental tower is headed for a one-acre lot about two blocks south of the New River in downtown Fort Lauderdale, backed by a fresh $140.2 million construction loan. The project, called Alta New River, is planned to bring 400 apartments and a nine-story parking garage to 100 SW 6th Street, with completion targeted for the fourth quarter of 2028.
JVP Management announced the senior construction loan to Alta Developers in a release carried by PR Newswire, describing the tower's 400 rental residences as averaging approximately 840 square feet. Kaufman Lynn Construction is the general contractor, Dorsky + Yue International is the architect, One Line Design Studio is handling interior design, and Greystar is lined up to manage the property once it opens, according to the same release. The lender's press materials state that construction is expected to begin in November 2026, with completion anticipated in the fourth quarter of 2028.
That timeline isn't entirely settled, however. Commercial Observer reported that construction on Alta New River had already started the week before, while JVP's own release describes the work as still expected to begin in November. The two accounts don't line up on whether ground had broken yet, and neither this article nor the available reporting resolves which is accurate.
A Loan That Keeps Growing
The $140.2 million financing marks JVP's third transaction with Alta, per the PR Newswire release. Alta Developers bought the one-acre site for $20.8 million back in 2022, according to The Real Deal, which also reported that the new financing replaces the developer's original 2023 loan and boosts it by $129.8 million. Separately, Commercial Real Estate Direct reported that an affiliate of JVP Management provided $140.2 million of additional financing for the project, which it described as a 400-unit apartment development already under construction.
Anthony Shaskus, head of credit strategies at JVP Management, framed the deal as a bet on the neighborhood's continued pull for renters. Downtown Fort Lauderdale continues to see steady renter demand for new, highly amenitized product, he said in the release carried by PR Newswire. That demand shows up in the numbers: RentCafe listed average apartment rent in Downtown Fort Lauderdale at $4,168 on a page last updated October 30, 2026, up 3.69% from the prior year, with 61% of households in the area renter-occupied and 39% owner-occupied.
A Familiar Address With a Different Name
The 100 SW 6th Street address isn't new to Fort Lauderdale's skyline ambitions. Back in 2022, a proposal for the same site, then called New River Central, described a 35-story, 378-foot mixed-use building with 401 residences, ground-floor retail, and a 477-space garage, according to FloridaYIMBY. That earlier plan listed an average apartment size of 863 square feet, with units ranging from 641 to 1,178 square feet, a slightly larger average footprint than the roughly 840 square feet now planned for Alta New River.
Alta Developers, led by Raimundo Onetto, specializes in residential development across South Florida and has several other projects in motion. The company developed EON Squared in Fort Lauderdale's Flagler Village, a 476-unit multifamily project spread across two pairs of 12-story buildings, per The Real Deal's reporting. A separate approved Live Local development at the Galleria mall was planned to include 3,144 units across eight 30-story towers, the same outlet reported.
Part of a Broader South Florida Build-Out
Fort Lauderdale's rental pipeline extends well beyond this single tower. Dependable Equities has a two-tower multifamily complex planned for the city, while Grover Corlew has its own multifamily project in the works next to the Citrix headquarters and secured a $92 million construction financing package for it in 2025, according to the Commercial Observer's reporting on the broader development landscape.
Alta New River also joins a growing list of financings for the developer. Alta Developers received a $60 million construction loan in October 2026 for a 308-unit development at the southern end of Miami-Dade County, and the company recently completed Casa Bella Residences by B&B Italia, a luxury condo tower in Miami built in partnership with Related Group. With the New River site now moving forward, downtown Fort Lauderdale is set to add another high-rise to a skyline already filling in with rental towers chasing the same steady renter demand JVP's Shaskus pointed to.
