Tavistock Lands $175M for Pier Sixty-Six Redevelopment in Fort Lauderdale
By Julia Echikson April 3, 2023 2:22 pm
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Despite the recent banking sector meltdown and the past year’s interest rate hikes, Tavistock Development Company scored $175 million to complete the redevelopment of Pier Sixty-Six resort in Fort Lauderdale, property records show.
The project began in 2019 when the Orlando-based developer shuttered the historic hotel to renovate it and add a residential component, comprising of 62 luxury condo units.
In January, Tavistock topped off the redevelopment project that’s scheduled to be completed in 2024, according to a spokesperson for the developer.
Additional condos could be underway. In 2021, Tavistock presented a plan to add three condo buildings, according to the South Florida Business Journal. Last month, it scooped up a nearby, three-story rental building for $22 million.
Located at 2301 SE 17th Street, Pier Sixty-Six faces the Intracoastal Waterway in the upscale Harbor Beach neighborhood. Tavistock bought the resort in 2016, paying $164 million, per property records. The following year, it paid $24 million for The Sails Marina, situated across the street. The development is now often marketed as Pier Sixty-Six Hotel & Marina.
The newly secured construction loan from HSBC’s U.S. division, considered sizable by South Florida standards, comes as banks have slowed deal-making in the wake of Silicon Valley Bank’s failure, which launched an industry-wide panic, and the past year’s interest rate hikes.
A representative for Tavistock did not immediately respond to request for comment.
Tavistock isn’t alone in launching a major development along Fort Lauderdale’s waterfront. Earlier this year, Related Group joined the $1 billion Bahia Mar project, home to the city’s International Boat Show.
Julia Echikson can be reached at jechikson@commercialobserver.com.
