Simmons Vedder plans to begin construction once approvals have been secured. The building's design will incorporate both hurricane-resistant technology and criteria for LEED certification.

Given tells GlobeSt.com that the deal has been a year in the works. Tarragon had originally anticipated doing a joint venture with Simmons Vedder on the project, but decided to sell the land after a dramatic drop in the company's stock price earlier this year. “Tarragon decided in late August to sell the property outright because of its liquidity crunch,” he says.

Simmons Vedder's plans reflect a change from what Tarragon had planned for the site. “The previous owner had contemplated a residential tower,” Given says. “However, with the market dynamics changing and the market fundamentals for Downtown Fort Lauderdale continuing to improve, particularly in the Las Olas corridor, the site provided an outstanding class A+ mixed-use development opportunity to complement Downtown's future growth plans.”