Lotis Lands $30M Loan for Retail Component of South Florida Mixed-Use Development
By Julia Echikson March 4, 2025 6:00 pm
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Developer Lotis Group secured a $28.3 million construction loan from Amerant Bank for the retail portion of a mixed-use development in Wellington, Fla., a major hub for the equestrian industry, property records show.
The financing covers a 64-acre site at 1351 and 1381 South State Road 7, where construction for The Square & Residences at Lotis Wellington is underway.
The first phase of the project is set to include 372 apartments, 13,000 square feet for traditional offices, 60,000 square feet for medical offices and 54,000 square feet for retail, plus an 18-acre lake.
Last year, the Boca Raton-based developer secured a $44 million construction loan for the first phase, which refinanced a $24 million loan Lotis secured in 2022, and increased the debt by another $20 million, according to The Real Deal, which reported that the second phase would feature 100 single-family homes and 72 townhouses. (A representative for Lotis Group did not immediately respond to a request for comment.)
Lotis Wellington isn’t the only major mixed-use development in the pipeline in Wellington.
Stephen Ross, the owner of NFL’s Miami Dolphins football team and founder real estate behemoth Related Companies, is planning to develop a massive mixed-use district in Wellington. The development is set to include a 150-room hotel, a 1,200-student K-12 school, 250,000 square feet of retail space and 82,000 square feet of restaurant space, plus about 500 apartments.
Julia Echikson can be reached at jechikson@commercialobserver.com.
