Tavistock Development Company scored a $175 million construction loan for its waterfront Pier Sixty-Six mixed-use project in Fort Lauderdale.
Tavistock, part of British billionaire Joe Lewis’ Tavistock Group, is building a pair of 11-story condominiums with 61 units, combined, and three hotel buildings with a total of 325 keys, according to a company spokesperson.
The project, at 2300 and 2301 Southeast 17th Street, is expected to be completed next year.
A group of banks, led by HSBC Bank USA, provided the construction loan, according to records.
Tavistock, based in Orlando, assembled the 32-acre development site in 2016 and 2017 for a combined $187 million. In October, the firm launched sales of the condos.
Last month, Tavistock Development also made a wager on Fort Lauderdale’s multifamily market, paying $21.9 million for the three-story, 34-unit Harbour Pointe Villas and Docks Apartments and an adjacent six-slip boat dock. The property is about a block south of the Pier Sixty-Six development site.
Tavistock Group, which Lewis founded more than 40 years ago, is an international private investment firm, according to its website. It focuses on hospitality, agriculture, energy, sports, finance, tech and biotechnology.
Pier Sixty-Six isn’t the only condo project on tap in Fort Lauderdale. Bahia Mar, a long-planned redevelopment that has stalled because of legal challenges, is approved for a 256-key branded resort with 60 condos, 350 additional residential units in four towers, a mega-yacht marina and commercial space at 801 Seabreeze Boulevard.
Last year, the city approved leasing the site to Tate Capital, which is co-developing Bahia Mar with Sergio Rok’s Rok Enterprises and the Pérez’s Related Group.
Also in Fort Lauderdale, Kolter Urban is developing Selene Oceanfront Residences with two 26-story towers and 194 condos, combined, at 3000 Alhambra Street. The developer scored a $240 million construction loan for the project in December.