Robert Khodadadian – Commercial Observer

Related Group secured a $55.7 million construction loan for an affordable residential project in Fort Lauderdale’s emerging FATVillage development district, property records show.

The 16-story development, called The Gallery at FATVillage, will feature 263 units as well as commercial space, most likely ground-floor retail shops, according to mortgage documents. A portion of the apartments will be dedicated to those earning less than 80 percent of Broward County’s median income. 

In 2017, the Broward County Commission approved a ground lease for a 1.1-acre site at 600 N Andrews Avenue, adjacent to Northeast Sixth Street, for the Miami-based Related, along with partners Doug McCraw and Lutz Hofbauer, who in the early 2000s first launched the FATVillage district.

A group led by JP Morgan will provide the loan to the Housing Financing Authority of Broward County, which will then disperse to Related, since the land is government-owned. 

The development is the latest project slated for FATVillage, a four-block warehouse district that developers are turning into a retail, office and residential district, similar to Miami’s Wynwood neighborhood. The “FAT” stands for Flagler, arts and technology, and also food, arts and technology. 

Development giant Hines is building a seven-story office building and bought a 5.6-acre site for $57.6 million last year. 

A representative for Related did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com

Related Group secured a $55.7 million construction loan for an affordable residential project in Fort Lauderdale’s emerging FATVillage development district, property records show. The 16-story development, called The Gallery at FATVillage, will feature 263 units as well as commercial space, most likely ground-floor retail shops, according to mortgage documents. A portion of the apartments willRead MoreChannel, Construction, Finance, FATVillage, Housing Financing Authority of Broward County, JP Morgan, Related Group, The Gallery at FATVillage  Commercial Observer Read More 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,

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