Hines and local partner Urban Street Development have secured a $220 million loan from Bank OZK for the construction of phase 1 of FAT Village, a 5.6-acre, 835,000-square-foot master-planned urban mixed-use development in Fort Lauderdale’s Flagler Village neighborhood.
Upon completion, phase 1 will contain 3 high-rise buildings, 601 multifamily units, approximately 180,000 square feet of office space in Hines’ proprietary, heavy timber T3 (Timber, Transit, Technology) building, and more than 70,000 square feet of retail space. In addition, the property will offer a 1,200-car parking garage. The development also includes food and beverage offerings, shopping, entertainment, and art studios and galleries.
Hines’ Alan Kennedy added, “At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale.
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 383 cities in 30 countries and $94.6 billion¹ of assets under management and more than 101 million square feet of assets for which Hines provides third-party property-level services. Hines has 197 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,639 properties, totaling over 578 million square feet. The firm’s current property and asset management portfolio includes 790 properties, representing over 268 million square feet.
