T3 FAT Village, a mixed-use project in downtown Fort Lauderdale secured a $220 million construction loan on December 26. Bank OZK, based in Little Rock, Arkansas, issued the mortgage to FAT Village Project LLC, a subsidiary of the real estate development company Hines, headquartered in Houston.
T3 FAT Village is going to be constructed at two locations; 545 N. Andrews Ave and 501 N.W. First Ave. These sites are situated in the FAT (Flagler, Arts and Technology) Village area of Fort Lauderdale’s Flagler Village neighborhood.
Over the course of three years from 2017 to 2020, Petrillo and his business partner Hooper invested approximately $20 million acquiring the majority of properties for the development T3 FAT Village project. Despite Hines purchasing the assembled properties in October 2021 for $57.41 million, Petrillo and Hooper maintain active participation and engagement in the on-going project.
Number of apartments in the upcoming T3 FAT Village development
The investment will provide Hines and Urban Street Development, based in Fort Lauderdale with the necessary resources to progress with the stage of T3 FAT Village. This project spans across 5.6 acres and includes 603 apartments, 180,000 feet of high quality office space and approximately 70,000 square feet of retail area.
Once the T3 FAT Village project is finished it will provide an asset that is not commonly found in Fort Lauderdale and the surrounding Broward County; constructed high quality office spaces. In Fort Lauderdale specifically the recent completion of a Class A office building was observed in July 2021 as part of the mixed use development known as The Main, at Las Olas.
The commercial market, in South Florida has seen growth following the pandemic with affluent households relocating to the region from parts of the United States to escape state income taxes and enjoy favorable weather conditions. This surge in migration has increased the demand for apartments making them a sought after investment opportunity for potential investors. Additionally there has been a rise, in office rental prices as businesses strive to secure quality workspace that can attract both employees and clients.
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