FATCity Development Project In Downtown Fort Lauderdale Fetches $23M

Jan 29, 2019 No Comments by

An affiliate of Aventura-based BH3, a real estate investment and development firm specializing in distinctive and often complex projects and assets, has acquired the 2.8-acre development site known as FATCity at 300 N. Andrews Avenue in downtown Fort Lauderdale, from an entity controlled by New York-based holdings group Traina Companies.

The purchase price was $23,125,000

FATCity (with “FAT” an acronym for Florida Arts and Technology) is entitled for approximately 1.35 million square feet of transit-oriented, mixed-use development that could include 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space such as office and hospitality, and more than 1,300 parking spaces. Fronting an entire city block along the east side of North Andrews Avenue, spanning from N.E. 3rd Street to N.E. 4th Street, just north of Broward Boulevard, the land is the epicenter of downtown Fort Lauderdale that connects the Central Business District (CBD) and the Arts District. Less than two blocks from the new Brightline high-speed rail station.

 

“As a Fort Lauderdale resident, born and raised and now raising my family in this city, we are grateful for the exciting opportunity to play a key role in the continued transformation of Fort Lauderdale along with the current and future path of growth in the surrounding neighborhoods,” said Gregory Freedman, principal of BH3.

Freedman and Daniel Lebensohn, also principal of BH3, lead the firm which owns other properties in Fort Lauderdale’s Flagler Village and Progresso Village. Additionally, BH3 has owned and/or developed notable properties throughout South Florida such as famed Privé at Island Estates, Trump Hollywood, 1805 Ponce, and Terra Beachside.

The Traina Companies, led by father-and-son principals Joseph Traina, Sr., and Joseph Traina, Jr., who will retain strategic development participation as co-developers, assembled the multiple parcels and obtained city approvals in 2017.

 

“This assemblage has the potential to be a true legacy asset that will transform Downtown Fort Lauderdale from a Las Olas-based entertainment district to a transit-based CBD,” said Traina, Jr. “We are confident in BH3 based on the firm’s local and national developments and fully believe that they will elevate the project and the City of Fort Lauderdale to the next level. We are glad to be a partner.”

The Traina Companies was represented by Avison Young’s Florida Capital Markets Group.

Ranked first as the metro region with the highest year-over-year job growth in the nation, Fort Lauderdale is home to more than 150 corporate headquarters and is attracting new business opportunities with tech accelerators and incubators. Downtown offers access to several local colleges and universities as well as diverse amenities at Las Olas Riverwalk and Flagler Village. The gentrification of the area and the availability of mass-transit have created a strong and growing demographic mix, making it particularly appealing to millennials who wish to be in a live-work-play location.

 

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Broward County Multifamily, Broward County Office, Broward County Retail, Industry News, Multifamily, NA, Office, Retail
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