FATVillage developer buys missing piece for mixed-use project

The project is in a designated Opportunity Zone

TRD MIAMI /
Feb.February 11, 2020 10:30 AM
Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

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

For years, Alan Hooper was trying to acquire a parcel for his development group’s large-scale mixed-use project, FATVillage, in Fort Lauderdale, but the owner wouldn’t budge. Hooper had grown so frustrated that he was even planning to move ahead with the project and build around the site.

Last week, Hooper was finally able to buy out the holdout, allowing his real estate company to move forward with the project in Fort Lauderdale’s new arts and entertainment district. Fat Village Properties LLC, managed by Hooper and Urban Street Development LLC, bought the 12,750-square-foot site at 516 Northwest 1st Avenue for $5.5 million or $431 per square foot. Carol Daggett Lenahan was the seller.

“It makes everything a lot more efficient,” Hooper said. “It was a center parcel. It was dead center in the plan.”

Hooper’s Urban Street Development is spearheading development of FATVillage, which will consist of eight buildings and will include apartments, offices, retail spaces, restaurants, a commercial parking garage and a hotel. It will cost approximately $300 million, according to its website. In total, the project will span over 506,000 square feet.

FATVillage’s first component will be the Forge Lofts – 35 boutique, luxury rental lofts. The project will also include two residential towers with 307 units.

Property owners Doug McCraw and Lutz Hofbauer created the FATVillage Arts District from old industrial properties. The area is designed to be similar to Miami’s Wynwood neighborhood, where developers also repurposed old warehouses into art galleries, restaurants and bars.

The area is also in a designated Opportunity Zone. The federal program allows developers or investors to gain substantial tax advantages for investing in certain areas throughout the country.

Hooper said so far the project has not received any Opportunity Zone money, but he said Opportunity Zone funds are reaching out to invest in the project.

FATVillage is near the Virgin Trains USA Fort Lauderdale station. The high-speed train line offers stops in Miami and West Palm Beach and plans to add stops in Boca Raton and Tampa. Development is booming around the train stations. Virgin Trains USA’s parent company FECI is planning to build a 14-story building at 101 Northwest Third Street Street in Fort Lauderdale.


Related Articles

arrow_forward_ios
Kenneth Stiles and a rendering of Novo Las Olas

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale
2325 Desota Drive in Fort Lauderdale and Bryan T. Rich (Realtor, Linkedin)

Software CEO buys waterfront Fort Lauderdale home for $6M

Software CEO buys waterfront Fort Lauderdale home for $6M
450 Northeast Fifth Street (Credit: Google Maps)

Jenco Properties pays $68M for Flagler Village apartments

Jenco Properties pays $68M for Flagler Village apartments
410 Southeast 16th Court, Fort Lauderdale

Fort Lauderdale apartment building get TCO, begins leasing

Fort Lauderdale apartment building get TCO, begins leasing
Landing CEO Bill Smith (Linkedin, iStock)

Rental membership startup Landing lands in South Florida

Rental membership startup Landing lands in South Florida
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
arrow_forward_ios

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

Loading...