Ram Realty scores $65M loan for Whole Foods-anchored project
Fort Lauderdale development also calls for 243 apartments and parking garage
UPDATED, Aug. 21, 11:03 a.m.: Ram Realty Advisors just closed on land in Fort Lauderdale and scored $65 million in construction financing to build its long-planned 501 Seventeen mixed-use project.
Property records show Hudson Capital sold the the 3.2-acre development site, on the northwest corner of Federal Highway and Southeast 17th Street, to Ram Realty affiliate RRPIV WF FTL for $18.5 million. Ram was under contract to purchase the land since at least 2016. Hudson Capital spent about $7.5 million assembling the five-parcel site between 2004 and 2005.
Wells Fargo is the lender.
The project, which includes a 49,000-square-foot Whole Foods, 243 apartments and a 668-space parking garage, will be built at 1661 South Federal Highway, which previously housed a Denny’s. Roger Fry & Associates Architects designed the site plan for 501 Seventeen.
Apartments at the 8-story building will feature up to three bedrooms with open kitchens. Amenities include a club room, fitness center and an outdoor pavilion with a resort-style pool and courtyard. The project will also feature co-working space and a leasing office.
Whole Foods is slated to open at the end of 2020, according to a press release. The new Fort Lauderdale store will be the sixth Whole Foods Market in Broward County.
The property is west of Fort Lauderdale Beach, near the Hilton Fort Lauderdale Marina, which recently sold to Brookfield Asset Management for $170.6 million.