Hines Secures $220M Loan For Fort Lauderdale Mixed-Use Project

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 601 multifamily units; approximately 180,000 square feet of creative office space in Hines’ proprietary, heavy timber T3 (Timber, Transit, Technology) building; and more than 70,000 square feet of retail, including curated food and beverage offerings, shopping, entertainment, and art studios and galleries.

FAT (Food Art Technology) Village is two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. This four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district.

“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,” stated Alan Kennedy, managing director at Hines. “This milestone is a reflection of the strength of our business plan, as well as confidence from Bank OZK in our ability to execute. Together with Cresset Real Estate, Las Americas, Hudson Capital, Halmos Holdings, and Urban Street Development (Hines’ Fort Lauderdale-based development partner), Hines looks forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city better capitalize on secular trends driving population and business migration to South Florida.”