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

Fort Lauderdale development also calls for 243 apartments and parking garage

TRD MIAMI /
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

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
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
Adam Adache and renderings of 30 Thirty North Ocean

30 Thirty North Ocean in Fort Lauderdale gets TCO

30 Thirty North Ocean in Fort Lauderdale gets TCO
arrow_forward_ios

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

Loading...