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Fort Lauderdale developer nabs $80M construction loan for rental tower
25-story apartment building will have 260 units, ground floor retail
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.