Swimming Hall of Fame Redo Secures $54M Construction Loan in South Florida
The $218 million project begins this week
By Julia Echikson October 15, 2024 6:03 pm
reprints
Fort Lauderdale, Fla., is getting a new International Swimming Hall of Fame and Museum.
MACQ Holdings provided a $54.4 million construction loan for the redevelopment, led by Boca Raton-based Capital Group, property records show.
Located at 501 Seabreeze Boulevard, the waterfront development will be split between two buildings, nestled amid the Fort Lauderdale Aquatic Center. The 30,805-square-foot property, which underwent a $46 million renovation in recent years, features an 89-foot dive tower.
The new buildings are set to rise five stories, spanning 331,000 square feet in total. The east building will house the museum, a café, approximately 27,000 square feet of office space, and a roof deck. The west building will be home to a museum gift shop, a cafe, a teaching pool, a parking garage, exhibition space and a rooftop restaurant.
The $218 million project, designed by Arquitectonica, is scheduled to break ground Wednesday, with the debt from the Australian investment bank slated to mature in 2056, according to mortgage documents.
Last year, the Fort Lauderdale City Commission approved the ground lease for the public-private redevelopment project.
Representatives for Capital Group and the International Swimming Hall of Fame and Museum did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
