Developer scores construction loan for office building in downtown Fort Lauderdale

7-story building will have 95,500 sf of office space, 14,000 sf of retail

Miami /
May.May 14, 2018 10:30 AM

Rendering of 550 Building (Credit: Berger Commercial Realty)

Blackhawk Properties & Investments just scored a $32.5 million construction loan to build a new office development in downtown Fort Lauderdale.

Blackhawk, led by Kate Murphy of Collins Capital Partners and William Murphy of Douglas Management, is planning a seven-story, 95,500-square-foot office building with ground floor retail and an attached eight-story, 600-space parking garage at 550 South Andrews Avenue. Fifth Third Bank is the lender, according to property records.

Rendering of 550 Building (Credit: Berger Commercial Realty)

The 550 Building will have 14,000 square feet of retail and restaurant space. Falkanger Snyder Martineau & Yates designed the project. Asking rents range from $28 per square foot to $55 per square foot, according to online marketing materials. Berger Commercial Realty is leasing the property.

The developer assembled the nearly 1.5-acre site in two deals totaling about $8.4 million in 2013 and 2016.

The 550 Building will be the first new office building in Fort Lauderdale’s South of Las Olas (SOLO) District since 1989, according to Joseph Byrnes, a senior vice president of Berger Commercial Realty. It sits across from a Publix and is adjacent to the Broward County Courthouse.

The development joins a number of multifamily and condo projects being built in downtown Fort Lauderdale, including the Kolter Group’s 46-story 100 Las Olas mixed-use building and Related Group’s 45-story rental tower, Icon Las Olas.


Related Articles

arrow_forward_ios
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)
Related Fund Management, CP flip portion of Las Olas Square
Related Fund Management, CP flip portion of Las Olas Square
A rendering of One Flagler in downtown West Palm Beach and River Landing Shops & Residences in Miami with Related Companies Stephen Ross and Andy Hellinger and Coralee Penabad of Urban-X Group, developer of River Landing. (Related Companies, RL Miami)
Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants
Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
OKO Group's Vlad Doronin and Cain International’s Jonathan Goldstein along with the development site at 629 Southeast Fifth Avenue in Fort Lauderdale (OKO Group, Cain International, LoopNet, iStock)
Doronin’s OKO, Cain score $97M construction loan for downtown Fort Lauderdale rental tower
Doronin’s OKO, Cain score $97M construction loan for downtown Fort Lauderdale rental tower
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
LCOR's Anthony Barsanti and Anthony Tortora with 1775 Biscayne Boulevard (LCOR, Zillow) Arts & Entertainment District
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
arrow_forward_ios

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

Loading...