The Related Group bought an $84 million construction loan from Bank of America for a Fort Lauderdale residential tower.
The 44-story building will house 240 rental units and a pool on the 10th floor, according to building permits. The construction is estimated to cost $78.9 million.
Settled between 201 and 227 S. Federal Highway, the parcel sits right off the Western tip of Las Olas Boulevard, the city’s main commercial corridor. The developers purchased the parcel for $12 million in 2018.
Run by the father-and-son duo, Jorge and Jon Paul Pérez, Related Group is one of South Florida’s largest condo developers.
After laying low for a few years, without launching any residential projects, the company is back and aggressively developing. Earlier this year, chairman and CEO Jorge Pérez stated that the next few years will be some of the company’s “most productive” in its 42-year history.
Related Group has a total of 50 ongoing projects. This year, it’ll begin construction for approximately 4,000 units and has another 6,000 in the pipeline.