UPDATED Dec. 21, 10:40 a.m.: A partnership between Stiles Corp. and PGIM Real Estate just scored $100 million in financing to begin developing Residences of Las Olas, an apartment tower planned for downtown Fort Lauderdale.
Wells Fargo provided the financing for the project, a 42-story, 380-unit tower with ground floor retail and an amenity deck and pool on its eighth floor. The tower is being designed by Cohen Freedman Encinosa & Associates. Apartments at the project will range from 700 square feet to more than 2,100 square feet, according to a press release.
Property records show the joint venture also closed on the land at 215 North New River Drive East where it plans to the build the project. It paid $17 million for about 1.4 acres of land owned by an affiliate of the publishing company, Tribune Media. Tribune paid $2.7 million for the parking lot in 1997.
The development site is adjacent to the 20-story New River Center office tower that Stiles developed in 1990. In 2014, Stiles and PGIM Real Estate sold the office tower for $108 million, records show.
In Las Olas, Property Markets Group is also building two residential towers on the Las Olas Riverfront. The first phase of PMG’s project will add 600 micro residences with a 36-story tower, with an expected completion date in 2020.