NR Investments Nabs $39M Construction Loan for City Hall Development
By Julia Echikson February 27, 2023 6:40 pm
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NR Investments secured a $39 million construction loan for a mixed-use project in Oakland Park, Fla., that will include the City Hall of the Broward County municipality, property records show.
The Miami-based NR Investments broke ground on the two-building project, called the Sky Building, in December. The financing from City National Bank will go toward constructing 136 apartments, all of them affordable, plus 15,000 square feet of commercial space and approximately 300 parking spots.
“The Sky Building jump started the revitalization of our Downtown,” said Mayor Aisha Gordon during the groundbreaking ceremony. “We are excited for the economic development opportunities it will bring as well as being a catalyst to create a walkable Downtown area and help support local businesses.”
At least 20 percent of the units will be priced at 120 percent of the area’s median income (AMI) and the remaining units within 140 percent of AMI, according to the Greater Fort Lauderdale Alliance.
The City of Oakland Park will anchor the development, occupying the first and fifth floors of the south building, totaling about 30,000 square feet. As the name suggests, a skybridge will connect the two buildings, which were designed by Zyscovich Architects.
The total cost of the development is estimated at $48 million.
Located at 3701 and 3801 North Dixie Highway, the vacant city-owned 2.1-acre site sits two blocks south from Oakland Park’s current City Hall.
Representatives for NR Investments and the City of Oakland Park did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
