Wood Partners breaks ground on Fort Lauderdale project with $58M loan
Wood Partners paid $12.4M for the 3-acre development site
October 11, 2016 10:30AMBy Katherine Kallergis
A rendering of Harbor Park and Wood Partners CEO Joe Keough
Atlanta-based Wood Partners closed on the land and financing to break ground on Harbor Park Apartments, a a 310-unit development near Port Everglades in Fort Lauderdale.
Records show an affiliate of Wood Partners paid $12.4 million for the properties at 1919 Southeast 10th Avenue and closed on a $58.25 million construction loan from Chicago-based BMO Harris Bank for the project. Kast Construction Company filed a notice of commencement with the Broward County in late September.
Documents filed with the city in 2013 show the seller of the land, Harbor Park Warehouse LLC, planned an eight-story apartment building with a 620-space parking garage on the site. Falkanger Snyder Martineau & Yates designed those plans.
The seller is controlled by John T. Loos Jr. of Fort Lauderdale. The LLC paid $6.5 million for the four parcels in 2006, which total nearly 3 acres.
The project is also near the site of an 11-story, 645-space parking garage in the works that’s aimed at servicing Port Everglades visitors.
Wood Partners, a multifamily development and management firm, is also planning to build Midtown 8, a 28-story, 387-unit building in Miami’s Midtown neighborhood. That project, aimed at young professionals, is slated to break ground next year.
Source: The Real Deal