Related Nabs $56M to Build Affordable Housing in Fort Lauderdale’s FATVillage
By Julia Echikson December 29, 2022 9:30 pm
reprints
Related Group secured a $55.7 million construction loan for an affordable residential project in Fort Lauderdale’s emerging FATVillage development district, property records show.
The 16-story development, called The Gallery at FATVillage, will feature 263 units as well as commercial space, most likely ground-floor retail shops, according to mortgage documents. A portion of the apartments will be dedicated to those earning less than 80 percent of Broward County’s median income.
In 2017, the Broward County Commission approved a ground lease for a 1.1-acre site at 600 N Andrews Avenue, adjacent to Northeast Sixth Street, for the Miami-based Related, along with partners Doug McCraw and Lutz Hofbauer, who in the early 2000s first launched the FATVillage district.
A group led by JP Morgan will provide the loan to the Housing Financing Authority of Broward County, which will then disperse to Related, since the land is government-owned.
The development is the latest project slated for FATVillage, a four-block warehouse district that developers are turning into a retail, office and residential district, similar to Miami’s Wynwood neighborhood. The “FAT” stands for Flagler, arts and technology, and also food, arts and technology.
Development giant Hines is building a seven-story office building and bought a 5.6-acre site for $57.6 million last year.
A representative for Related did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
