Fort Lauderdale-based Stiles Corp. just got the green light from the Fort Lauderdale City Commission to build a 27-story rental tower downtown.
The commission late Tuesday unanimously approved the developer’s plans to build a 348-unit tower at 212 Southeast Second Avenue, currently the site of a Bank of America branch, according to the Sun Sentinel.
Stiles affiliate 212 Partners LLC bought the site last year for $13.1 million, records show. The developer has plans to lease part of the project’s ground floor to a supermarket, according to the newspaper. The project is expected to break ground during the first quarter of 2018.
Stiles is active in downtown Fort Lauderdale. In June, Stiles and the Rockefeller Group sold their luxury rental tower, Amaray Las Olas, for $133.55 million. Stiles is also behind a neighboring project at 201 East Las Olas Boulevard, where it plans to build an office tower.
Other developments in the area include the Kolter Group’s condo tower 100 Las Olas, which at 499 feet will be downtown Fort Lauderdale’s tallest building; a 42-story luxury tower for seniors called Riverwalk Residences of Las Olas by Ocean Land Investments; and Property Markets Group’s mixed-use project that will have 1,200 apartments and 40,000 square feet of shops and restaurants when completed, replacing the Las Olas Riverwalk shops. [Sun Sentinel] – Amanda Rabines
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