The value of the lease wasn't disclosed. But area retail brokers tell GlobeSt.com the class A space is probably in the $25 to $35-per-sf-range. That would make the aggregate value of the lease at least $2.81 million, brokers estimate. A percentage of sales is also generally added to the base rent.

Zipes says he is also near to signing two other national restaurant groups and plans to construct a 10,000-sf public day spa on the second floor retail area of this 42-story building. Moving on a fast-track construction schedule, developers are completing one floor every six days. The project's shell is slated to finish on schedule in August with occupancy anticipated by late spring 2004.

The developer says he and Tarragon are also seeking city approval for a second 44-unit tower "to meet the overwhelming demand of homebuyers." Las Olas River House residences range from $600,000 to $3 million-plus.

The second building would include 25 stories on the northwest corner of the three-acre parcel fronting Las Olas Boulevard. The first three floors are designed for retail and restaurant space.

Elected city officials have been monitoring the year-old construction project closely because the structure will link the Performing Arts Center on the city's west side to Las Olas Boulevard on the east side by a bricked river walk.