Hines Secures $220M Construction Loan for Ft. Lauderdale Development

Hines and local partner Urban Street Development have secured a $220 million loan from Bank OZK for the construction of phase 1 of FAT Village, a 5.6-acre, 835,000-square-foot master-planned urban mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Upon completion, phase 1 will contain 601 multifamily units, approximately 180,000 square feet of office space in Hines’ proprietary, heavy timber T3 (Timber, Transit, Technology) building, and more than 70,000 square feet of retail space. The development also includes food and beverage offerings, shopping, entertainment, and art studios and galleries. FAT (Food Art Technology) Village is two blocks from Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando.

Hines’ Alan Kennedy added, “At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale.