The Real Deal Miami

Stiles and Shorenstein score $204M in financing for The Main Las Olas

Mixed-use, two-tower project will include office, apartments, retail
By Katherine Kallergis | November 19, 2018 11:30AM

Rendering of The Main Las Olas

The developers of The Main Las Olas in Fort Lauderdale just closed on two loans totaling nearly $204 million, property records show.

LO3 Investors LLC received a $118.3 million loan for 201 East Las Olas Boulevard and 212 Second Ave LLC secured an $85.6 million loan for 212 Southeast Second Avenue. Husky Finco LLC, an affiliate of Blackstone Mortgage Trust, a publicly traded real estate investment trust managed by the Blackstone Group, is the lender.

Stiles and Shorenstein Properties broke ground on the mixed-use office, residential and retail project in October. The developers are leasing the land from Broward College. The 2.7-acre project will include 357,000 square feet of Class A office space, a 341-unit apartment tower, restaurants and retail space.

The 25-story office tower is being designed by architect Cooper Carry, and will feature 12-foot floor-to-ceiling glass and 10-foot ceilings, an outdoor amenity deck on the 10th floor, a fitness center, a 5,400-square-foot outdoor plaza, and a 16,000-square-foot penthouse office suite. Stiles, which is handling office leasing for the development, announced that Akerman LLP, Berger Singerman LLP and BBX Capital are leasing a combined 85,000 square feet at the building.

The building, downtown Fort Lauderdale’s first new office tower in more than a decade, is expected to open in 2020, according to a release from October.

The 27-story residential building will have units ranging from 600 square feet to 1,400 square feet, an elevated pool deck, social lounges and co-working space, a rooftop terrace, indoor dog run and pet grooming spa, package lockers, and a gym. The project is about four blocks from Brightline’s Fort Lauderdale station.

Stiles declined to comment on the financing.