Stiles Tapped to Develop Ft. Lauderdale High-Rise
Posted on 10/27/2017Greystar selected Stiles Construction to develop a high-rise multifamily tower in downtown Fort Lauderdale, Fla., just steps from Las Olas Boulevard. Stiles Construction sold the 1.9-acre site to Greystar earlier this year in May for $19.5 million, public records show.
The 25-story luxury apartment building will feature 327 units and will be located at 790 E. Broward Blvd., at the intersection with SE 8th Avenue. The project will encompass nearly 661,000 square feet and will include a 508-space parking garage as well as a recreational deck and an array of high-end amenities. The site comprises three separate parcels and includes a 25,925-square-foot office building which formerly served as a Chase Bank location.
According to Yardi Matrix, Northwestern Mutual originated an $88.1 million construction loan for the development of the property, scheduled to mature in 2025.
"The Stiles preconstruction team provided input and organization from the earliest stages of this project. The collaboration of everyone involved, including the architect and ownership, helped to produce a stunning, yet efficient design that will add character and versatility to the residential offerings in downtown," said Tim Moore, president of Stiles Construction, in a prepared statement.
This is the second collaboration between Stiles and Greystar in Fort Lauderdale. The construction company was the general contractor on Greystar's Elan 16Forty, a 261-unit luxury mid-rise apartment tower completed in 2014 at 1640 E. Sunrise Blvd.
Stiles recently completed the 30-story Amaray Las Olas, a 254-unit luxury high-rise located only one block from the latest project. The property is one of metro Miami's tallest multifamily towers.