Feldman Equities and Greystar are converting a 13-acre Cypress Creek office campus into a mixed-use development next to Tri-Rail. The two 1980s office buildings stay, with five new residential buildings to be added.
Key Takeaways
- The Planning and Zoning Board reviewed the rezoning request on March 18, 2026.
- City Commission approval is expected at the April 7 or April 21, 2026, meetings.
- Greystar manages over 798,000 residential units globally, reducing execution risk on this project.
Feldman Equities and Greystar are seeking to rezone Pinnacle Corporate Park at 500 and 550 NW 62nd Street in Fort Lauderdale's Cypress Creek area. The rezoning request moves the site from commercial and light industrial to the city's Uptown Urban District designation, a mixed-use category created specifically to encourage residential development in a neighborhood currently dominated by offices.
The project would add 310 residential units across five buildings and a parking garage, all surrounding the two existing office buildings (276,066 square feet combined), which will remain in place.
What is being proposed at Cypress Creek?
Dorsky and Yue Architecture designed the preliminary site plan. The Uptown Urban District zoning allows up to 50 units per acre and buildings up to 150 feet tall, giving the developers significant flexibility on density.
The site's main asset: Direct adjacency to the Cypress Creek Tri-Rail station. As the developer's attorney, Robert Lochrie, told the board, "the site, with direct access to Tri-Rail and major trafficways, is located within the city's Uptown Urban Village, which was created to incentivize a mixed-use environment with a residential component."
Parking strategy: The new garage will include 175 dedicated spaces for office tenants, as well as residential parking. The developer is also planning upgraded landscaping and a redesigned approach to the office buildings to drive leasing interest in the existing space.
The site last traded for $58.88 million in 2021. If the rezoning to the Uptown Urban District is approved, the land's development potential and value would increase significantly.
Why are 1980s office parks being converted?
As Larry Mastropieri explained on the Discover South Florida Podcast: "The 1980s office product isn't doing as well as Class A. The newer stuff that Related Ross and Jeff Greene are building in West Palm Beach rents fast and commands high numbers because these companies need to attract talent. If you're paying someone $400,000 or $500,000 a year, they're not going to want to work in a 1980s office building. They'll go to another company with a better experience. So the older office stock gets pushed down to smaller businesses that have figured out remote work or outsourcing and don't need as much space. They're not willing to pay as much."
That dynamic is exactly what makes Cypress Creek a candidate for residential conversion. The office buildings remain, but the land around them gets repurposed for a higher and better use in the current market. We've seen similar office market pressure in Broward play out across the county.
Looking for investment opportunities in Fort Lauderdale's changing neighborhoods? Talk to a Fort Lauderdale real estate agent who understands how rezoning and transit-oriented development affect property values. Reach out to The Mastropieri Group or call (954) 833-1468.
Why does Greystar's involvement matter?
Greystar manages over 798,000 residential units globally, making it one of the largest multifamily operators in the world. Their involvement gives this project institutional credibility for future financing and significantly reduces execution risk.
Recent Greystar projects in Florida include Ascent St. Petersburg (a luxury high-rise connected to an AC Marriott), Cassia Naples (328 garden-style apartments that broke ground in late 2025), and Cocomar Business Park in Coconut Creek (375,000 square feet of industrial space).
Feldman Equities, based in St. Petersburg, specializes in office and high-rise development. Their notable project is Riverwalk Place in Tampa, a mixed-use tower with 33 levels of luxury condos and 10 stories of office space.
What is the approval timeline?
March 18, 2026: Planning and Zoning Board review (completed)
Next step: City Commission approval, expected at the April 7 or April 21, 2026, meetings
After rezoning: Final site plan submission and city review
Construction start: Typically 12 to 18 months from final site plan approval for projects of this type
For reference, the nearby Pinnacle at Cypress (a separate 196-unit affordable housing project) broke ground in Q1 2026 and is slated for completion in June 2028.
What does this mean for Fort Lauderdale buyers and renters?
For renters in North Fort Lauderdale: This project and others in the Uptown Urban Village zone are adding supply in a location that is significantly more affordable than the downtown core while still offering transit connectivity. Fort Lauderdale multifamily deliveries are projected to slow to roughly 3,300 units in 2026, which is expected to push average rents toward $2,530 per month.
For investors: The combination of Greystar's operational scale and a supply-constrained Fort Lauderdale rental market makes this a project worth tracking from a competitive rent and occupancy standpoint once it delivers. We've covered similar Fort Lauderdale development activity and Broward County apartment investing in earlier reporting.
For homeowners in the Cypress Creek corridor: Adding 310 residential units and a walkable mixed-use layer around a Tri-Rail stop is the kind of investment that begins a genuine neighborhood transformation. This area has been largely defined by its office stock for decades. It's part of a broader development trend across Fort Lauderdale.
One risk to watch: Potential state funding cuts to Tri-Rail by mid-2027 could affect service frequency. For a project whose entire pitch is built around transit access, that is a variable worth monitoring.
FAQs about the Cypress Creek office park rezoning
What is being built at 500 and 550 NW 62nd Street in Fort Lauderdale?
Feldman Equities and Greystar are proposing 310 residential units across five buildings and a parking garage, surrounding two existing 1980s office buildings that will remain in place. The site is directly adjacent to the Cypress Creek Tri-Rail station.
When will the Fort Lauderdale City Commission vote on the rezoning?
City Commission approval is expected at the April 7 or April 21, 2026, meetings. The Planning and Zoning Board reviewed the application on March 18, 2026.
What is the Uptown Urban District zoning?
The Uptown Urban District is a mixed-use zoning category created by the City of Fort Lauderdale to encourage residential development in the Cypress Creek area. It allows up to 50 units per acre and buildings up to 150 feet tall.
Who is Greystar?
Greystar is one of the largest multifamily operators in the world, managing over 798,000 residential units globally. Their involvement provides institutional credibility and reduces execution risk for this project.
How long until construction starts?
After rezoning approval, the developers will need to submit a final site plan for city review. Construction typically starts 12 to 18 months after final site plan approval for projects of this scale.
Local help for buyers and investors in Fort Lauderdale
If you're buying, selling, or investing in Broward County, understanding how transit-oriented development and rezoning affect property values matters. Whether you're looking at Pompano Beach, Cypress Creek, or anywhere in Fort Lauderdale, reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Fort Lauderdale, call (954) 833-1468.
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