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

Miami /
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

arrow_forward_ios
The Pines Plaza Shop at 4505-4599 North Pine Island Road, Fort Lauderdale (MMG Equity Partners)
CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
Daniel Kordash in front of 444 Royal Plaza Dr in Fort Lauderdale (Getty Images, Realtor.com)
New York investment honcho flips waterfront Fort Lauderdale home for $8M
New York investment honcho flips waterfront Fort Lauderdale home for $8M
From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Mayor Dean Trantalis with Flagler Greenway to NE 9th Street (Wikimedia, Path Foundation)
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
Sadhana and Sanjaykumar Patel of Luckey’s Management with a rendering of the 172-room hotel development in Fort Lauderdale (Luckey's Management/George White Architect)
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
Author Patrick Bet-David drops $9M on Broward office buildings
Author Patrick Bet-David drops $9M on Broward office buildings
Author Patrick Bet-David drops $9M on Broward office buildings
Fort Lauderdale approves downsized riverfront condo project downtown
Fort Lauderdale approves downsized riverfront condo project downtown
Fort Lauderdale approves downsized riverfront condo project downtown
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...