An Australian firm is betting on Las Olas Boulevard with something you don't see every day: a boutique office and retail building with zero parking spaces. Coombes Property Group, a privately held company out of Bondi Junction, Sydney, has submitted plans to demolish three aging storefronts at 811 East Las Olas Boulevard and replace them with a six-story commercial building. For anyone watching the Fort Lauderdale market, this is a telling signal about where investor confidence is heading.
Key Takeaways
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Coombes Property Group plans a six-story Boutique Office Building in Fort Lauderdale
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at 811 E. Las Olas Blvd with 16,167 sq ft of retail on two floors and 27,256 sq ft of office space on four upper floors, replacing 1958-era storefronts acquired for $2.28 million in late 2022.
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The project includes no on-site parking, relying instead on 122 off-site city parking spaces, a move that cuts construction costs and keeps the footprint tight on a quarter-acre lot.
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Fort Lauderdale's retail vacancy sits below 4% while over 8,700 new apartment units are under construction nearby, creating growing demand for the kind of street-level commercial space this building would provide.
What is Coombes Property Group building on Las Olas?
The proposed building at 811, 813, and 815 East Las Olas Boulevard would total roughly 43,423 gross square feet across six stories and 103 feet of height. The bottom two floors are planned as retail with tall glass storefronts wrapped in glazed green tile. The upper four floors would house office tenants, with landscaped terraces on the third floor featuring Silver Mediterranean Fan Palms and fabric awnings. The rooftop includes arched loggias with a trellis pergola.
Morris Adjmi Architects of New York is leading the design, with Miami-based Cube3 serving as architect of record. Morris Adjmi founded the firm in 1997 after a 13-year collaboration with Pritzker Prize-winning architect Aldo Rossi. The firm's portfolio includes projects in SoHo, the Meatpacking District, and the EDITION Hotel and Residences at Water Street Tampa.
Coombes Property Group is not a speculative flipper. The family-run firm has been developing, owning, and managing commercial assets since their first property in Penrith in 1978. They hold long-term across Sydney, Brisbane, Darwin, and now internationally. Fort Lauderdale's Development Review Committee is already reviewing the plans.
Why is there no parking in this Las Olas project?
This is one of the most notable details. The building proposes zero on-site parking spaces. Instead, the developer plans to use 122 off-site spaces from the city's existing public parking inventory along the corridor. Zoning would typically require around 137 spaces, but a traffic study submitted with the application shows 122 can handle peak demand.
By eliminating a parking garage, the developer avoids one of the most expensive components of urban construction and keeps the building footprint compact on a site that measures roughly a quarter acre. The corridor already has transit options including the Sun Trolley and the Riverwalk Water Trolley, and the bet here is that tenants choosing a Las Olas address care more about walkability and location than a private garage.
For a boutique building targeting smaller office tenants and ground-floor retailers, this approach makes financial and practical sense. It also reinforces the broader shift on Las Olas toward a more pedestrian-oriented, mixed-use corridor.
What does the Fort Lauderdale office and retail market look like right now?
The office side of the equation is mixed. According to Colliers' Q3 report, downtown Fort Lauderdale's office vacancy rate was 14.2%, with negative absorption of 112,501 sq ft year-to-date. Class A asking rents averaged $60.05 per square foot. There is roughly 389,790 sq ft of office under construction, much of it concentrated in Flagler Village rather than on Las Olas itself.
Retail tells a different story. Vacancy is below 4%, average asking rents hover around $36 per sq ft, and leasing activity reached approximately 1.8 million sq ft over the past 12 months. Only about 281,000 sq ft of new retail is under construction, with just 36,000 sq ft delivered in the past year. Strong demand from fitness, grocery, and entertainment tenants is keeping landlord pricing power firm, especially along Las Olas and in the downtown core.
Florida also repealed its commercial lease sales tax effective October 1, 2025, removing a cost that no other state imposed. That provides an additional tailwind for new commercial leasing activity.
What does this mean for homeowners near Las Olas?
When a boutique project like this can pencil out financially, it signals a healthy corridor. Large developers can absorb costs through volume, but when smaller international operators make the numbers work on a quarter-acre site, it shows the market has real depth.
Fort Lauderdale has over 8,700 apartment units under construction, with 80% targeting luxury buyers. Most of that density sits between I-95 and the Atlantic, especially near Las Olas Boulevard. All those incoming residents need places to eat, shop, and work within walking distance.
For homeowners in Victoria Park, the Isles, and other nearby neighborhoods, well-designed street-level buildings improve walkability and add commercial fabric that supports property values. Major office sales in Q1 2025 included 401 E. Las Olas at $221 million and 350 E. Las Olas at $208 million. Broward County led South Florida in commercial sales volume with $561 million that quarter.
Las Olas is evolving from a dining and nightlife strip into a complete mixed-use district. Office tenants bring daytime foot traffic. Boutique retail fills gaps between restaurants. That depth sustains long-term neighborhood value.
FAQ About The Boutique Office Building in Fort Lauderdale
Who is the developer behind the new Las Olas office building?
Coombes Property Group is a privately owned Australian firm based in Bondi Junction, Sydney. Founded in 1978, the family-run company develops, owns, and manages commercial office, retail, hotel, and land assets across Australia and international markets. They are long-term holders, operating in the U.S. through Coombes Properties Inc.
How tall will the proposed building at 811 E. Las Olas Boulevard be?
The Boutique Office Building in Fort Lauderdale is planned at six stories and approximately 103 feet tall. It would total around 43,423 gross square feet, with two floors of retail and four floors of office space, plus landscaped terraces on the third and sixth floors.
Why does this project have no parking garage?
The developer chose to rely on 122 off-site parking spaces from the city's existing public inventory rather than building an on-site garage. This approach significantly reduces construction costs on a tight quarter-acre site and reflects a bet on the corridor's walkability and existing transit options like the Sun Trolley.
What are Fort Lauderdale office rents on Las Olas?
As of Q3, Class A asking rents in downtown Fort Lauderdale averaged $60.05 per square foot. The office market has a 14.2% vacancy rate with softening absorption, though Las Olas itself remains a premium address relative to other downtown submarkets.
Local help for buyers and investors in Fort Lauderdale
If you are buying, selling, or investing in Fort Lauderdale, Wilton Manors, or Oakland Park, it helps to work with someone who understands how commercial development activity on corridors like Las Olas affects residential pricing and neighborhood dynamics. If you have questions about how these changes might impact your options, reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Fort Lauderdale, call us at (954) 0833-1468.
Posted by Larry Mastropieri
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