Waterstone Capital and partners plan 43-unit condo tower to replace Pillars Hotel in Fort Lauderdale

• Waterstone Capital, Uri Bubil, and Roni Avraham propose a 15-story, 43-unit condo
• Project would replace Pillars Hotel & Club on North Birch Road
• Fort Lauderdale continues surge with 3,900+ condo units in pipeline

What Waterstone Capital and partners are planning

Waterstone Capital, led by Richard Waserstein, has teamed up with Uri Bubil and Roni Avraham to redevelop the Pillars Hotel site into a luxury condominium tower in Fort Lauderdale. The proposed project, Pillars Club & Residences, would rise 15 stories and deliver 43 units, replacing an existing boutique hotel with just 18 rooms and a handful of condos.

What the redevelopment means for site value

The development site spans 109 and 111 North Birch Road, a prime coastal location where land is increasingly being repositioned for higher-density residential use. Ownership was recently consolidated under the developers’ entity, signaling a clear path toward redevelopment. The shift from a low-density hotel to a mid-rise condo tower reflects a broader strategy of maximizing land value in high-demand waterfront markets.

How design and amenities target luxury buyers

The project is being designed by Kobi Karp and will include high-end features such as penthouse units, a pool, spa, and fitness center. These amenities align with current buyer expectations in South Florida, where lifestyle-driven condo developments continue to outperform traditional residential products.

What approvals and timing look like

The proposal has already gone before the city’s Development Review Committee, where developers received technical feedback. Once addressed, the project will move to the city commission for final approval. This places the development in a mid-stage approval phase, with entitlement progress underway but not yet finalized.

What this means for Fort Lauderdale investors

Fort Lauderdale continues to attract developers as a more accessible alternative to Miami and West Palm Beach. With more than 3,900 condo units in the pipeline, the market is seeing strong momentum from both local and institutional players. For investors, projects like this highlight an ongoing shift toward luxury condo development, where older hospitality assets are being replaced with higher-value residential product. As demand continues to grow, Fort Lauderdale is solidifying its position as a key market for condo investment and redevelopment activity.