Two companies have committed to space within Fort Lauderdale’s pioneering mass timber office project, marking an important leasing milestone for the emerging mixed-use district.
The portfolio, which totals 42 residential units, traded for a combined $8.87 million, equating to $211,190 per unit.
The sales total nearly $16 million in value.
The newly acquired assemblage spans multiple properties along North Andrews Avenue, totaling more than 20,000 square feet of existing commercial space.
Native Realty’s Jaime Sturgis and Sara Dorfman closed the property sale on behalf of the seller after just 21 days on the market.
The leases total more than 8,000 square feet.
The project will deliver more than 850 residential units across three towers, Class AA office space with an industrial character with modern conveniences, more than 80,000 square feet of food, shopping, entertainment, art studios, and galleries, and a 1,200-space commercial parking structure. FAT Village aims to become a lifestyle hub for creatives to live, work, eat, and relax.
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.
Six building structures were cleared to accommodate the new 45-story, twin tower mixed-use project.
Hyatt, along with George Moraitis, represented Lighthouse of Broward, the preeminent nonprofit in Broward County serving the blind and visually impaired, in the pro bono transaction.