Ram Realty scores $65M loan for Whole Foods-anchored project

Fort Lauderdale development also calls for 243 apartments and parking garage

Aug.August 20, 2018 12:30 PM

Rendering for 501 Seventeen and Ram Realty’s Casey Cummings

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.

Related Articles

Daily Digest Miami

Miami Beach OKs hotel development on Lincoln Road, Bank OZK’s construction lending is up: Daily digest

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Daily Digest Miami

Rise in climate-related home buyouts could worsen housing inequality, Eurostars parent buys historic downtown Miami property: Daily digest

From left: Adam Rubin, Farin Milligan, Nicholas Chatman, Tim Elmes, Addison Ruff, Mike Herstik and Niki Michopoulos

Compass poaches Tim Elmes of Coldwell Banker

Charlie Kushner and Laurent Morali over Fort Lauderdale site (Credit: Google Maps)

Kushner goes to Broward, buying site near Fort Lauderdale train station

One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

Alliance buys One Financial Plaza in downtown Fort Lauderdale

From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

Assemblage in downtown Fort Lauderdale selling for $12M

Fort Lauderdale site of planned Riverparc Square sells