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Hines, Urban Street snag $220M construction loan for Fort Lauderdale mixed-use project
Joint venture plans 601 apartments, 180K sf of office, and 70K sf of retail
Hines and Urban Street Development scored a $220 million construction loan to build the first phase of a mixed-use project in downtown Fort Lauderdale.
Little Rock, Arkansas-based Bank OZK provided the financing for FAT Village, a planned three-building complex on 5.6 acres at 545 North Andrews Avenue and 501 Northwest First Avenue, records show. The project is within the city’s FATVillage district.
Houston-based Hines and Fort Lauderdale-based Urban Street Development plan two apartment buildings with 601 apartments and an office building with 180,000 square feet of offices. The project also would have roughly 70,000 square feet of retail.
In September, the joint venture initiated the demolition of existing warehouses and the installation of new sewer infrastructure at the development site, records show. In 2021, Hines purchased the 15-lot assemblage from an Urban Street affiliate for $57.4 million.
One of FAT Village’s apartment buildings will rise 24 stories and have 355 units. The other multifamily building will be 13 stories with 249 apartments, according to a site plan submitted to the city of Fort Lauderdale. The office building will rise six stories. Retail will be on the ground-floor of the three buildings.
Hines, founded by CEO Jeffrey Hines, is building or has completed more than 388 million square feet of commercial space worldwide, according to the firm’s website. Led by CEO Tim Petrillo and President Alan Hooper, Urban Street Development owns, manages, and has in development more than $750 million of commercial real estate, according to the company’s website.
FATVillage — which stands for Flagler Art Technology Village, though more recently the branding also has included Food Art Technology Village — extends from Andrews Avenue west to the FEC Railway tracks, and from Northeast Fourth Street north to Northeast Sixth Street, according to the district’s website.
In January of last year, Coconut Grove-based Related Group nabbed a $55.7 million construction loan for The Gallery at FATVillage. The planned project is a 16-story building with 263 units at 600 North Andrews Avenue. Related has a 75-year ground lease to develop the 1.2-acre development site owned by Broward County.