Fort Lauderdale developer nabs $80M construction loan for rental tower

25-story apartment building will have 260 units, ground floor retail

TRD MIAMI /
Feb.February 15, 2018 01:30 PM

Renderings of 4 West Las Olas (Credit: Elevate Partners)

Fort Lauderdale developer Elevate Partners just closed on an $80 million construction loan for a luxury rental tower, property records show.

The developer, along with NCC Development Group, plans to build 4 West Las Olas, a 25-story, 260-unit luxury apartment building at 305 South Andrews Avenue. Trez Forman Capital Group is the lender.

Elevate Partners is in the process of demolishing buildings and plans to break ground in a couple of months, principal Tom Vogel said. It would be completed within 18 months to two years of groundbreaking. Records show Elevate One River LLC paid $24 million for the site in August. Scott Bodenweber, Denny St. Romain and Vogel are the main partners.

The riverside apartment building will have studios, one, two and three-bedroom units managed by Greystar and about 5,000 square feet of retail space on the corner of Las Olas Boulevard and Andrews Avenue. Briny Irish Pub will stay in the ground floor of the adjacent parking garage, which the developer is incorporating into the new project. The popular tavern is leasing about 6,000 to 7,000 square feet.

New development is picking up steam along the Las Olas Riverfront. Property Markets Group closed on a $154 million construction loan for a two-phase apartment development with a waterfront public plaza in July. It’s projected to open in 2020.


Related Articles

arrow_forward_ios
1 Pelican Drive, Tim Elmes and Addison Ruff of Compass, Kelly Drum of Drum Realty

Auto magnate buys waterfront Fort Lauderdale house for $9M

Auto magnate buys waterfront Fort Lauderdale house for $9M
Andy Eversbusch and 623 Middle River Dr. (Credit: Google Maps)

Waterfront Fort Lauderdale house sells for $6.8M

Waterfront Fort Lauderdale house sells for $6.8M
150 North Federal Highway and Jaime Sturgis

Downtown Fort Lauderdale dev site hits market for $12.5M

Downtown Fort Lauderdale dev site hits market for $12.5M
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Bridge Investment Executive Chairman Robert Morse, Bayview Corporate Tower (Credit: Google Maps)

Bridge Investment sells Fort Lauderdale office building for $83M

Bridge Investment sells Fort Lauderdale office building for $83M
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Fourth Avenue Church of God (Google Maps)

Church near Flagler Village to be redeveloped into mixed-use project

Church near Flagler Village to be redeveloped into mixed-use project
The Bond at 105 North Federal Highway (Credit: Google Maps)

Bond Collective-anchored office complex in Fort Lauderdale hits market

Bond Collective-anchored office complex in Fort Lauderdale hits market
arrow_forward_ios

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

Loading...