The Kolter Group just scored $25 million for its mixed-use 100 Las Olas development, which at 46 stories is poised to be downtown Fort Lauderdale’s tallest building.
Property records show Chicago-based Canadian Imperial Bank of Commerce is the lender. As part of the deal, the bank assumed an unpaid principal balance of about $8.5 million from a nearly $9.5 million loan that Kolter scored in 2015 from Wells Fargo Bank.
The Kolter Group broke ground on 100 Las Olas a year ago. Once complete, the building at 100 East Las Olas Boulevard will consist of 121 condos, 238 rooms in a Hyatt Centric hotel, and 8,500 square feet of restaurants and retail on the ground floor.
The project is slated to be completed by 2020. Bob Vail, Kolter Urban’s president, said the firm is currently in the midst of pouring the 15th floor. Sales launched in 2017 with Peggy Fucci’s team at OneWorld Properties. A spokesperson for the project declined to provide a sales figure.
100 Las Olas will mark the first Hyatt Centric hotel in Broward County, and the third in Florida. Others include the 105-room Hyatt Centric South Beach in Miami Beach and the Hyatt Centric Key West Resort & Spa in Key West.
It’s also the first hotel to open on Fort Lauderdale’s Las Olas Boulevard since 1936, when the Riverside Hotel opened under its original name, the Champ Carr Hotel.
Bob Martin of Decorators Unlimited and Simone Dreary of Design Group are designing the project. Planned amenities include a resort-style pool, cabanas, fitness center, news lounge with daily beverage service, and a club room with a catering kitchen and bar.
A number of high-rise luxury projects are in the pipeline in downtown Fort Lauderdale, including Related Group’s Icon Las Olas, a 45-story rental tower. A joint venture between Eden Multifamily and Cypress Equity Investments is also planning a 32-story, 347-unit multifamily project with ground floor retail space, and Elevate Partners is building 4 West Las Olas, a 25-story, 260-unit luxury apartment building.
For more details from The Real Deal Miami, visit https://therealdeal.com/miami/2018/03/20/kolter-scores-25m-loan-for-100-las-olas/