4 West Las Olas tower in Fort Lauderdale breaks groundFebruary 15, 2018
Elevate Partners broke ground on the 4 West Las Olas tower in Fort Lauderdale after securing an $85.63 million construction loan.
Trez Forman Capital Group, a joint venture between Boynton Beach-based Forman Capital and Vancouver, Canada-based Trez Capital Group, awarded the mortgage to Elevate One River LLC, an affiliate of Fort Lauderdale-based Elevate Partners, led by Scott Bodenweber, Thomas A. Vogel and Dennis L. St. Romain. The lender assumed a $5.67 million mortgage that was granted in August, and boosted it to $85.63 million. NCC Development Group is also a partner in the deal.
4 West Las Olas is a twenty-five story, 261-unit riverfront luxury apartment community located at 4 West Las Olas Boulevard in Fort Lauderdale, Florida on a 1.08 acre parcel. The Property will contain 237,278 square feet of rentable residential space within a mix of studio (6.5%), one-bedroom (49.0%), two-bedroom (39.8%), and three-bedroom (4.6%) apartments and 12,497 square feet of retail square footage. Amenities would include a pool deck on the roof. The property will have 6,000 square feet of retail space located on the ground level available for restatuarant, bar, cafÃ© or storefront shops. Construction is scheduled to be completed in Summer of 2019.
Dorsky Yue International designed the project. Graystar will manage the apartments.
The apartment tower will replace the 64,500-square-foot office building that’s currently on the site, although the existing parking garage would remain. The developer acquired the 1.08-acre property at 305 S. Andrew Ave., also known as 4 Las Olas Blvd., for $24 million in August.
“Downtown Fort Lauderdale and the surrounding neighborhoods continue to gain momentum with renters,” said Brett Forman, president and CEO of Trez Forman. “Opportunities to develop new apartments along the river are scarce and coveted by developers. We are excited to have the opportunity to work with this particular borrower and fund construction of what will be an extremely desirable community.”
Source The South Florida Business Journal