BH3 buys FATCity development site in downtown Fort Lauderdale

Traina Companies plans to stay on as co-developer

TRD MIAMI /
Jan.January 29, 2019 12:45 PM

Rendering of FATCity and BH3 principal Dan Lebensohn

A co-developer of Privé at Island Estates paid $23.1 million for FATCity in downtown Fort Lauderdale, a site that’s entitled for 1.35 million square feet of mixed-use development.

Traina Companies sold the 2.8-acre city block at 300 North Andrews Avenue to BH3, an Aventura-based real estate firm, according to property records. BH3 financed the deal with a $14.4 million loan from Maxim Credit Group. The New York-based lender also provided financing for Privé, a luxury condo development in Aventura.

Traina, led by father-and-son principals Joseph Traina Sr. and Joseph Traina Jr., will stay on as co-developers, according to a release.

Traina hired Avison Young last year to find a buyer or joint venture partner for FATCity without an asking price. The property takes up the eastern side of Andrews Avenue between Northeast Third and Fourth streets and is about two blocks away from All Aboard Florida’s Brightline station in Fort Lauderdale, just south of Flagler Village.

Rendering of FATCity

Traina, a group of development, construction, hospitality and technology companies based in New York and Delray Beach, secured approvals for the land in 2017 to build up to two 30-story towers with 270,000 square feet of office space, retail and hospitality, 612 residential units and more than 1,300 parking spaces.

In August, Traina paid $5 million for a portion of the site, an office building at 330 North Andrews Avenue. The FATCity assemblage, short for Florida Arts and Technology, is just south of the Flagler Village neighborhood and north of Las Olas Boulevard.

The Related Group recently announced plans to build a 47-story, 311-unit rental tower at 201 Southeast Sixth Street, similar to its Icon Las Olas building.


Related Articles

arrow_forward_ios
22 Isla Bahia Drive and Steven Romaniello

Harbor Beach home sells for $8 million

Niki Higgins of Douglas Elliman and 220 North Compass Drive (Credit: Douglas Elliman and Trulia)

Fort Lauderdale mansion with stock trading room sells for $12M

Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

FATVillage developer buys missing piece for mixed-use project

Bridge Development Partners partner Southeast Region Kevin Carroll and 3233-3303 Southwest 12th Avenue Fort Lauderdale

Bridge Development sells Fort Lauderdale warehouses for $28M

2300 Aqua Vista Boulevard (Credit: Realtor)

Crane mogul drops $12M on waterfront Fort Lauderdale mansion

400 Northeast Third Avenue, Morgan Group CEO (Credit: Google Maps)

TA Realty drops $112M on apartments in Flagler Village

Matthew Rieger and a rendering of Village View

HTG scores financing for Fort Lauderdale senior affordable housing

arrow_forward_ios
Loading...