Downtown Lauderdale Expected to Grow by 850,000 SF in 2001

FT LAUDERDALE, FL-This oceanfront tourist destination, 30 miles north of Downtown Miami, has 850,000 sf of new commercial space valued at an estimated $185 million surfacing in 2001. Most of the new product is arriving within a four-block area.

For example, two hotels, Hampton Inn and Riverside Hotel, will have 264 new rooms, 20,000 sf of restaurants and a 502-car parking apron. Retail will be increased by at least 45,566 sf at the 23-story Las Olas City Centre, where 367,000 sf of class A offices will be added on the 2.3 acre site.

Tower 101 adds another 178,000 sf of office and retail. In addition, Florida Atlantic University and Broward Community College are building a 12-story, 144,000-sf classroom building. The total estimated construction cost of $185 million for the 850,000 sf is about $217 per sf, considered high. Fully occupied, that’s about 8,500 more people working in this four-block Downtown sector.