FORT LAUDERDALE, FLA. — Hall of Fame Partners has obtained a $54 million credit-tenant lease loan for the construction and permanent financing of Phase I of the International Swimming Hall of Fame (ISHOF) complex. ISHOF is the planned $200 million redevelopment of the Ft. Lauderdale Aquatics facility, which was originally built in Fort Lauderdale in 1965.
Phase I of the ISHOF complex will include the reconstruction of a foundational sea wall, as well as the development of a new building that will serve as the headquarters for the city’s Ocean Rescue department. The ground level of the 10,000-square-foot building will serve as storage for Ocean Rescue equipment such as paddleboards and jet skis. The second floor will consist of offices for the chief and lieutenants, a conference room, showers and locker rooms.
According to Miami-based architect Arquitectonica, which designed the facility, subsequent phases will include the construction of two buildings that will house the museum, an aquatic facility with a covered teaching pool, restrooms and an administrative office, as well as restaurant and retail space.
The ISHOF Museum will include a 20,000-square-foot museum space, along with ballrooms, event spaces and a rooftop restaurant. The building will also include parking facilities for up to 202 vehicles, a promenade and water taxi station.
The ISHOF complex is a public-private partnership between Hall of Fame Partners and the City of Fort Lauderdale. The city committed $46 million to the renovation in 2020.
Hensel Phelps Construction is the general contractor. The development team broke ground on the project in October. The complex will be constructed in four phases, with full completion slated for 2028.
Steve Perricone and Andrew Tomaino of BWE’s Philadelphia office originated the financing for Municipal Acquisitions on behalf of Hall of Fame Partners.
“Because a credit-tenant lease loan allows for leverage of up to 100 percent of project costs, thus maximizing the debt allowed on a large-scale project like this, we quickly determined that was the best path forward for the project,” explains Tomaino. “We’re proud to say that after several years of pre-development, our partners have now broken ground on this unique addition to Southeast Florida’s cultural landscape.”
— Channing Hamilton