Hines Buys FAT Village Sites in Fort Lauderdale for $57M
Hines is doubling down on Fort Lauderdale.
The development giant acquired the mixed-use FAT Village development site, just behind Fort Lauderdale’s Brightline Station, for $57.4 million, property records show.
The parcels, which comprise a full block, are located along N Andrews Avenue and NW First Avenue between Fifth and Sixth Streets. The five-acre site holds warehouses and low-rise commercial buildings.
Not dissimilar to Wynwood, the trendy Miami neighborhood, FAT Village is a creative enclave home to colorful murals, art galleries, artist studios and retail businesses.
Hines is already working on a development in the area. It’s building a seven-story office building, part of the T3 FAT Village development from Alan Hooper of Urban Street Development and Tim Petrillo of The Restaurant People, who are leading the revitalization of the area.
Hines plans to partner with Urban Street Development on the site’s development, Hooper told the South Florida Business Journal.
Representatives for Hines did not immediately respond to a request for comment.
The area around the Fort Lauderdale Brightline has drawn investments from other major developers. Together, Kushner Companies and Aimco are planning to build four towers along Broward Boulevard, The Real Deal reported. Earlier this summer, Florida East Coast Industries, the train line’s parent company, sold two vacant parcels right by the station for a combined $37.2 million.