Houston-based developer Hines has purchased the entire 5.49-acre development assemblage for FAT Village (Flagler. Arts. Technology), a massive 835,000-square-foot mixed-use project proposed for the booming Flagler Village north of Downtown Fort Lauderdale. Originally assembled and proposed by Alan Hoopers’s Urban Street Development, and Tim Petrillo’s Restaurant People, Hines bought the sites from them for $57.41 million. SB Architects and EDSA, Inc, are leading the design for what is to become the largest real estate project in the district, projected to yield 500 residential units, 350,000 square feet of offices, and 71,000 square feet of ground floor retail.
Back in May 2021, YIMBY first reported on the plans for FAT Village, when the proposal went before Fort Lauderdale’s Department of Sustainable Development-Urban Design and Planning seeking approvals. Initially, Hines was a considered a partner in the project; the acquisition now makes them sole owners of the development. Urban Street Development will remain onboard as a joint venture partner. The addresses deeded to Hines are 501, 511, 535, and 545 North Andrews Ave.; 500, 501, 510, 512, 516, 528, 530, and 548 Northwest First Ave.; and 10 Northwest Sixth Street.
FAT Village. Designed by SB Architects & EDSA, Inc.
The first of several structures set to rise in FAT Village is a 180,000-square-foot T3 office building, meaning Timber, Transit and Technology. Hines announced the plans for the office spaces back in April 2021, which is a transit-oriented and would be composed of sustainable timber. The developer has several T3 buildings across the country including in Minneapolis and Atlanta.
FAT Village. Designed by SB Architects & EDSA, Inc.
“Their T3 office is super attractive to today’s companies and more importantly, to talented employees,” Hooper said. “It is super creative and highlights our downtown at a national scale.”
FAT Village. Designed by SB Architects & EDSA, Inc.
FAT Village. Designed by SB Architects & EDSA, Inc.
“Hines is an incredible partner,” Hooper said. “They are one of the world’s top developers. When we met and saw some of the placemaking projects that they are doing all over the world, we knew instantly that they were a perfect partner.”
FAT Village. Designed by SB Architects & EDSA, Inc.
FAT Village. Designed by SB Architects & EDSA, Inc.
FAT Village. Designed by SB Architects & EDSA, Inc.
FAT Village. Designed by SB Architects & EDSA, Inc.
FAT Village. Designed by SB Architects & EDSA, Inc.
Hines is one of the most prominent and active developers in the world, having projects in 23 countries across 5 continents – a portfolio of over $86 billion in assets under management. Founded in 1957 by Gerald D. Hines, the developer’s list of notable projects include the 1,050-foot-tall 53 West 53rd Street, the 711-foot-tall 100 East 53rd Street, the ‘Lipstick Building’ at 885 Third Avenue – all in New York City, the 47-story Texas Tower in Houston, the 722-foot-tall Tour Hekla currently under construction in Paris, and the Del Bosque mixed-use complex in Mexico City. In total, Hines has developed more than 492 million square feet of real estate since it’s inception.
A schedule for construction has not been announced.
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Awesome!!!