Hines purchased the development site for its office project in Fort Lauderdale’s FATVillage for $ 57.4 million.
Hines purchased about 15 lots on the west side of North Andrews Avenue between Fifth and Sixth Streets from a Fort Lauderdale-based subsidiary of Urban Street Development run by Alan Hooper and Tim Petrillo, according to the records.
The properties are 501, 511-515, 535, 545 North Andrews Avenue; 500-508, 510, 512, 516, 528, 530 and 548 Northwest First Avenue; 10 Northwest Sixth Street and three parking lots scattered between the buildings. The lots are mainly occupied by low-rise industrial and commercial buildings.
Houston-based Hines earlier this year announced plans to build a seven-story, 180,000-square-foot building. It is planned as part of Hooper’s envisioned FATVillage mixed-use project, which will span 5.6 acres and 835,000 square feet of office, retail and residential, according to an April press release from Hines.
Urban Street Development is a joint venture partner on the project with Hines, based in Houston, led by Jeffrey Hines.
Hooper, who has been assembling the site for years, purchased the hold-over piece at 516 Northwest First Avenue in 2020 for $ 5.5 million.
The whole project is part of the larger FATVillage district. The acronym stands for Flagler Arts Technology. The once dilapidated area with mostly industrial buildings and other low-rise commercial buildings is now experiencing a similar renaissance to Miami’s Wynwood. Both neighborhoods have evolved into well-known art and retail centers.
Owners Doug McCraw and Lutz Hofbauer started FATVillage, which runs from Andrews Avenue in the west to the railroad tracks and between Fourth and Sixth Streets, according to the FATVillage website.
The Hines office tower will include common areas for collaboration and conferences, a rooftop terrace, private balconies for tenants, a gym and bicycle storage, the statement said. It is designed taking into account future tenant demands in a post-Covid world, such as good indoor air filtration. In addition, it relies on technology to minimize physical contact, for example with door handles and elevator buttons.
As part of Hines’ Timber, Transit and Technology, or T3 brand, the building will be constructed from solid timber. The transportation part comes into play near the Brightline Station neighborhood in downtown Fort Lauderdale. The passenger train is due to resume service in November after stopping at the start of the pandemic.