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.
Not everybody is pleased with the city's development progress and goals, however. Frank Schnidman, an attorney with Greenberg, Traurig tells Globest.com, "the local government could have been implementing incentives for redevelopment, not just development in this eastward movement, as we find ourselves facing the Everglades to the west where that's it, not a chance for another place to dredge, fill and drain."
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