Developer of dual-branded Fort Lauderdale hotel closes $56M construction loan

323-key hotel development will include a Tribute and Element

Aug.August 23, 2016 02:15 PM

The Wurzak Hotel Group and DoveHill closed $56.1 million in construction financing for its dual-branded Starwood hotel in Fort Lauderdale.

Bank of the Ozarks provided the loan, developer Jake Wurzak told The Real Deal.

The developers are building a 323-key hotel with a rooftop bar and flagship restaurant. The 24-story property, at 299 North Federal Highway, breaks down to a 209-room Tribute hotel, called The Dalmar, and the 114-room Element hotel. It will also feature 12,000 square feet of retail space and a 206-space parking deck. Wurzak said he’s in talks with a boutique fitness concept, juice/coffee concepts, and a restaurant that will open up to the corner of U.S. 1 and Southeast Third Street for the retail space.

“We think the downtown revitalization is going to continue and get much bigger,” he told TRD.

Tutor Perini Building Corporation already broke ground on the 18-month project with an official ceremony planning for later this month, Wurzak said.

The property will include a shared street-level entrance, a sky lobby on the seventh floor with a bar, a gym, and an indoor and outdoor pool deck on the 24th floor pool deck. DesignAgency is the interior designer, and Sol-Arch is the architect.

“There’s no other rooftop bar in Fort Lauderdale,” Wurzak said.

A Wurzak, DoveHill partnership acquired the property for $12 million in June, according to Broward County property records. It was the site of the Fairchild Funeral Home & Cremation Center, which was demolished and cleared late last year. It’s in the Flagler Village area, a neighborhood currently under transformation with new retail, residential and office projects.

Meridian Capital Group’s Ronnie Levine and Aggelos Sklavenitis arranged the financing, according to the Commercial Observer, which first reported the loan.

Related Articles

Daily Digest Miami

Trump to host G-7 summit at Doral property, Florida Panthers paying for $45M overhaul of Fort Lauderdale war memorial: Daily digest

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Daily Digest Miami

Rise in climate-related home buyouts could worsen housing inequality, Eurostars parent buys historic downtown Miami property: Daily digest

From left: Adam Rubin, Farin Milligan, Nicholas Chatman, Tim Elmes, Addison Ruff, Mike Herstik and Niki Michopoulos

Compass poaches Tim Elmes of Coldwell Banker

Charlie Kushner and Laurent Morali over Fort Lauderdale site (Credit: Google Maps)

Kushner goes to Broward, buying site near Fort Lauderdale train station

One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

Alliance buys One Financial Plaza in downtown Fort Lauderdale

From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

Assemblage in downtown Fort Lauderdale selling for $12M

Fort Lauderdale site of planned Riverparc Square sells