Developer Scores Construction Loan For New Office Building In Downtown Fort Lauderdale

Written by on 05.15.18 in Investment Trends, Land, MultiFamily, Office, Retail - No comments

Blackhawk Properties & Investments just scored a $32.5 million construction loan to build a new office development in downtown Fort Lauderdale.

Blackhawk, led by Kate Murphy of Collins Capital Partners and William Murphy of Douglas Management, is planning a seven-story, 95,500-square-foot office building with ground floor retail and an attached eight-story, 600-space parking garage at 550 South Andrews Avenue. Fifth Third Bank is the lender, according to property records.

The 550 Building will have 14,000 square feet of retail and restaurant space. Falkanger Snyder Martineau & Yates designed the project. Asking rents range from $28 per square foot to $55 per square foot, according to online marketing materials. The developer assembled the nearly 1.5-acre site in two deals totaling about $8.4 million in 2013 and 2016.

The 550 Building will be the first new office building in Fort Lauderdale’s South of Las Olas (SOLO) District since 1989, according to Joseph Byrnes, a senior vice president of Berger Commercial Realty. It sits across from a Publix and is adjacent to the Broward County Courthouse.

The development joins a number of multifamily and condo projects being built in downtown Fort Lauderdale, including the Kolter Group’s 46-story 100 Las Olas mixed-use building and Related Group’s 45-story rental tower, Icon Las Olas.

 

Source: The Real Deal

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