Stiles to Build 327-Unit Luxury Apartment Property in Fort Lauderdale, Florida
FORT LAUDERDALE, FLA. — Stiles Construction has been selected to build a 25-story, 327-unit luxury apartment property in downtown Fort Lauderdale. Greystar will own and operate the 661,000-square-foot property, to be located at 790 E. Broward Blvd.
The project, situated on the site of a former Chase Bank, will feature a 508-space parking garage and a recreational deck with amenities. Greystar purchased the site from Stiles Corp. several months ago.
Stiles was also the contractor behind Amaray Las Olas, a 254-unit luxury apartment property located just one block from this project.
Neither the construction cost nor a timetable for completion was disclosed. Greystar received an $88 million construction loan for the project, according to the South Florida Business Journal.
This is the second residential tower in downtown Fort Lauderdale to be announced recently. Earlier this month, the Fort Lauderdale City Commission approved Ocean Land Investments’s proposed Riverwalk Residences of Las Olas project, which will offer 401 units of seniors housing in a 42-story building.
Fort Lauderdale-based Stiles has completed more than 43 million square feet of office, industrial, retail and mixed-use residential projects in the Southeastern United States.
Charleston, S.C.-based Greystar is the largest operator of apartments in the country, with over 425,000 units under management valued at approximately $80 billion.
— Kristin Hiller