Bank OZK Provides $220M Construction Loan for Phase I of FAT Village Mixed-Use Project in Fort Lauderdale

by Kristin Harlow

FORT LAUDERDALE, FLA. — Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood.

Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment, and art studios and galleries. FAT stands for Food Art Technology.

FAT Village is located two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. The developers say that this four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district. Hines and local partner Urban Street Development are developing the 5.6-acre project.

“At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale,” says Alan Kennedy, managing director at Hines. “We look forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city better capitalize on secular trends driving population and business migration to South Florida.”

Additional project partners for FAT Village include Cresset Real Estate, Las Americas, Hudson Capital and Halmos Holdings. A timeline for completion was not provided.

According to RentCafe, Miami was the nation’s hottest apartment rental market in 2023 due to its tech scene, business-friendly climate and lack of income tax. Fort Lauderdale is situated 30 miles north of Miami.

— Kristin Harlow

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