Fort Lauderdale office development
Fort Lauderdale's commercial real estate landscape is set for a significant transformation with Hines securing a $220 million construction loan for a new office development. This project marks the city's first new office space since 2021, signaling a resurgence in the local commercial real estate market.
Project Overview
The development, known as FAT Village, will feature:
• 180,000 square feet of office space
• 16,000 square feet of retail space
• 5,000 square feet of coworking space
• A 1,000-space parking garage
Located at 501 NW First Ave., this mixed-use project aims to revitalize the area and meet the growing demand for modern office space in Fort Lauderdale.
Financial Details
• Loan amount: $220 million
• Lender: Bank OZK
• Equity partner: Cresset Real Estate Partners
This substantial investment underscores the confidence in Fort Lauderdale's commercial real estate market and the potential for growth in the area.
Market Implications
The FAT Village development represents a significant milestone for Fort Lauderdale's office market. As the first new office space in three years, it's poised to attract businesses looking for modern, amenity-rich workspaces in a prime location.
"We are excited to begin construction on this transformative project that will bring much-needed Class A office space to Fort Lauderdale's urban core," said Michael Harrison, senior managing director at Hines.
Timeline and Development
Construction is set to begin immediately, with an estimated completion date in 2026. The project is expected to create numerous construction jobs and contribute to the local economy.
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Reference:
Pimentel, J. (2024, March 11). Hines Lands $220M To Build Fort Lauderdale's First New Office Space Since 2021. Bisnow. https://www.bisnow.com/south-florida/news/construction-development/hines-lands-220m-to-build-fort-lauderdales-first-new-office-space-since-2021-122257
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