PMG and Greybrook have obtained $226 million in construction funding for the second phase of Society Las Olas, a 42-story apartment complex in Downtown Fort Lauderdale at 140 SW 2nd St. Related Fund Management and Lubert-Adler provided the loan. The second phase’s construction is underway, with John Moriarty & Associates as the general contractor. The project’s first phase was sold in 2021.
“The redevelopment of the Riverfront district in Downtown Fort Lauderdale has been a beloved effort by our team,” Ryan Shear says, Managing Partner at PMG, a national investment, development and asset management firm. “The first phase of Society Las Olas was the flagship property under the Society Living portfolio and established a true community hub, bringing quality residential product to the market, activating the riverfront promenade through stand-out retail tenants, and beautifying the space with extraordinary art installations. We look forward to continuing the construction of Society Las Olas’ second phase alongside our partners and lenders. Downtown Fort Lauderdale is an immensely desirable destination, and we are confident this second tower will meet strong demand while extending the impact of Society Las Olas as a landmark project for the city.”
PMG’s Capital Markets team, consisting of Andrew Warman, Jon Blank, and Paton Marion, led the transaction with the assistance of in-house counsels Lowell Plotkin, Lindsay Davis, and Scott Buscemi. The legal representation for PMG was provided by Kramer Levin Naftalis & Frankel in conjunction with Saul Ewing.
The second phase of Society Las Olas Slated is designed by FSMY Architects + Planners and is set to feature 563 rental units. These units will offer a combination of traditional layouts with efficient designs and “Rent-by-Bedroom” options for co-living. Additionally, 1,625 square feet of retail space will be available on the ground floor. The amenities include a coworking lab with private meeting rooms, a large pool deck, a yoga lawn, and a modern fitness center. A unique mobile app will enable residents to manage their access and guest lists and adjust their smart thermostats. The app will also allow residents to receive notifications about packages, register for community events, and manage maintenance requests and payments.
“With the first phase of Society Las Olas having been so well-received as part of the Riverfront’s revitalization effort, we are keen to further advance our phase two plans and complete the project for the benefit of a variety of stakeholders,” Sami Mouaket says, Director of U.S. Investments and Developments at Greybrook.
Society Las Olas’ second phase is one of many Society Living communities in various stages of development across the nation. The Society Living multifamily brand was created by PMG in 2019 to meet the growing demand for affordable rental housing in desirable locations where residents can connect and thrive. The brand’s philosophy promotes happiness and personal growth through inspiring living spaces and inclusivity. With over 8,500 units planned, Society Living properties are being developed in major cities such as Miami, Atlanta, Orlando, Nashville, Denver, and Brooklyn, with plans for more locations in the future.
Photo Credit: PMG