(FORT LAUDERDALE, FLORIDA) – Hines, the international real estate firm, announced a new partnership with Fort Lauderdale-based Urban Street Development, to develop T3 FAT Village, a seven-story, 180,000-square-foot T3 (Timber, Transit and Technology) creative office building, which will be one of the most environmentally friendly and sustainable developments in the Greater Fort Lauderdale area.
This Class AA, mass timber office building will be part of FAT (Food Art Technology) Village, a 5.6-acre, 835,000-square-foot, mixed-use office, retail and residential urban village in Fort Lauderdale’s Flagler Village neighborhood. Located along North Andrews Avenue between 5th and 6th Streets, this four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric environment. FAT Village will feature curated food and beverage offerings, shopping, programmed activations, entertainment, and art studios and galleries. The project will benefit from superior accessibility to major arterial and interstate roads as well as proximity to Brightline Station and the Las Olas CBD.
Built from heavy timber, T3 FAT Village will modernize the historical industrial design of mercantile warehouse buildings, designed specifically to be responsive to the health and wellness needs of its occupants in a post COVID environment. Complemented with advanced technology, unparalleled amenities and renewability, this space will be an ideal environment for tenants in creative industries such as technology, advertising, media, information and biotechnology/life sciences.
“Hines is excited to bring our T3 brand to this creative tech hub in Fort Lauderdale,” said Alan Kennedy, managing director at Hines. “T3 FAT Village is designed to accommodate occupier needs of firms who seek creative class workers by delivering a location which offers proximity to living, dining, entertainment and easy access to transit while honoring the unique artistic spirit of the neighborhood.”
T3 is a Hines proprietary mass timber creative office product, developed in response to evolving tenant requirements. Upon completion, the building will provide best-in-class office space that is fully future-proofed for modern teams. Common tenant amenities will include social work and collaboration spaces; a rooftop deck with incredible views; private tenant outdoor balconies; shared conference space with advanced AV systems; a premium fitness center, bike storage and end-of-trip facilities; and enhanced Wi-Fi connectivity throughout. Additionally, the building’s systems are technology-rich, minimizing physical building touch points and complete with the latest HVAC systems for superior indoor air quality and air filtration systems, all aimed at elevating the standards for office space in a post-COVID world.
“We are excited to have the opportunity to partner with Hines and are looking forward to bringing this world class, mixed-use village to Fort Lauderdale, where we have been an active developer for more than 20 years,” says Alan Hooper, who along with South Florida restauranteur, Tim Petrillo, is a co-founder of Urban Street Development.
Over the past year, the demand in South Florida has grown significantly and more companies are looking to migrate to the Sunbelt market for its favorable business conditions, quality of life and diverse industry base. This migratory trend is not expected to slow down anytime soon with over 1.6 million square feet of new to market office users looking to move or expand in the region. Fort Lauderdale, with its central location and regional connectivity, are poised to capture its share of that new-to-market demand.
“Hines is a strong believer in South Florida’s economy, talented workforce, cost effectiveness and quality of living, and the world’s most innovative companies have recognized this and will look for office buildings that match their unique culture and standards” said Michael Harrison, senior managing director at Hines. “T3 FAT Village will allow Hines, and Urban Street Development, to deliver a best-in-class building to meet the future needs of these companies and help them attract and retain the best talent in the marketplace.”
South Florida based Blanca Commercial Real Estate will handle the leasing for the office building. Blanca Commercial Real Estate is the market leader in new office developments and has successfully leased more than 3.5 million square feet of new office developments achieving an average pre-leasing of 40% prior to delivery.
“Blanca is thrilled to have the opportunity to combine our local relationships with Hines global reach to find the perfect tenant occupiers for the building. The T3 concept is like no other office building in all of South Florida. The design of the T3 building, the mixed-use amenities and the draw of FAT Village, create a powerful value proposition for companies looking to enhance the office experience for their valuable employees. This is an amazing opportunity to bring a state-of-the art workplace solution to the dynamic South Florida market,” said Blanca’s founder and CEO, Tere Blanca.
T3 FAT Village is expected to be completed in 2024.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Urban Street Development
Urban Street Development is a unique Fort Lauderdale based development firm that combines residential and mixed-use projects with the operational experience in food and beverage. They have been a part of some of the most exciting developments and award-winning restaurants within Downtown Fort Lauderdale, including several key projects in FAT Village. The mission of Urban Street Development is to bring revitalization to neighborhoods that possess the potential for growth and renewed lifestyle.
About Blanca Commercial Real Estate
Blanca Commercial Real Estate, Inc. is the leading independently owned commercial real estate services firm in Florida. Founded in 2009 by Chairman & CEO, Tere Blanca, the firm has advised clients in the execution of leases and sales totaling 12 million square feet across the region including over 8.8 million square feet of office lease transactions. Since launching in 2009, the firm has grown to 25 top industry professionals including 13 brokers and 12 full time support staff and executive management team dedicated to marketing, technology, business development, market analytics, property management and tenant engagement services.