Flagler Uptown signs on new tenants in hip Fort Lauderdale neighborhood

Asking rents at project are $25 per square foot annually

Jul.July 20, 2016 12:50 PM

Looking for a freshly brewed cup of Joe or a contemporary art gallery in Fort Lauderdale? This Flagler Village project is saying it has you covered.

Flagler Uptown, a retail project built from the bones of a 1950s-era warehouse, just signed on a handful of hip tenants including a local artisan coffee roaster.

Located at 750 North Flagler Drive, the project is a total gut renovation of a segmented single-story 18,000-square-foot warehouse that was built in 1956.

Jaime Sturgis of Metro 1’s Broward division, which is handling leasing for Flagler Uptown, told The Real Deal that construction work on the project wrapped up July 1 — all that’s left is for the newest tenants to move in.

The latest to sign on is Wells Coffee Co., an artisanal coffee roaster. Founded by the husband-and-wife team of Brandon and Nicole Wells, this will be the company’s first brick and mortar location, Sturgis said.

It will occupy a 2,000-square-foot space at the project’s corner and is expected to open “any day now,” Sturgis said.

Nearly the same time that Wells Coffee signed a lease, a bikini shop called Montce Swim agreed to open a 2,400-square-foot location at Flagler Uptown. The local swimwear retailer is known for its cheeky bikinis and intriguing prints. Sturgis said the store is still moving into its new space but will open soon.

Spaces at the project have an asking rent of $25 per square foot on a triple-net basis. Sturgis said the tenants who have already signed are paying close to that, while some are paying the full ask. Two of six spaces remain at the building, totaling roughly 5,000 square feet.

Other tenants include:

  • Girls Club, an art gallery featuring contemporary pieces curated by and for women. Lease is for 4,079 square feet.
  • Firefly, a marine engineering firm that primarily works on yachts like the $47 million Argyll. Lease is for 2,000 square feet.

Besides its colorful exterior, the entire project will have modern, industrial-styled interiors. Each space boasts open floor plans, floor-to-ceiling windows and exposed ductwork, Sturgis said. The building’s frontage on Second Avenue will also be made up entirely of glass garage doors, that can be rolled up so the shops can cater to Flagler Village’s monthly art walk.

County records show the property is owned by a pair of limited liability companies, which list their managing member as attorney Alan Grunspan, who is a shareholder of law firm Carlton Fields. The warehouse was purchased through two separate deals in 2005 and 2013 for a total of $1.322 million.

Flagler Village is becoming one of Fort Lauderdale’s hottest neighborhoods: developers and investors are transforming many of its existing buildings into hip, Wynwood-esque retail, art galleries and residential buildings in hopes of cashing in on the neighborhood’s rising values.

Just how much hype has built around Flagler Village is evident by the kinds of players taking a slice. The Related Group, better known for its luxe high-rises in downtown Miami, built and sold a rental complex targeting millennials for nearly $150 million last year. And a group of up-start Israeli investors have filed plans to build a 12-story condo tower in the neighborhood, as well as a handful of townhomes nearby.

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