(Crystal Proenza is associate editor of RealEstate Florida.)

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FORT LAUDERDALE, FL-Boca Raton based development firm EconomosProperties has closed on a $46.5 million construction loan fortheir new 8.5 acre mixed-use development at the corner of Griffinand Ravenswood Road. The property is located just west of I-95 andis set to include a 157-room Fairfield Inn & Suites byMarriott, 124-room Homewood Suites by Hilton, 65,000 sf of class Aoffice space and 6,000 sf of ground floor retail. The loan is beingprovided by Great Florida Bank and HSBC.

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"The Fort Lauderdale Airport market today lacks an extended stayproduct from a powerhouse brand like Hilton," said Nick EconomosJr., principal with Economos Properties, in a release. "Also absentfrom the market was a pure limited service product from Marriott.By adding these components, we are filling a void in themarketplace and also tying up two of the strongest hotel flags inthe country."

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Darryl Robinson, Peter Harrison and Laurel Oswald ofTranswestern have been chosen as the exclusive brokers for theleasing of the office and retail components of the development.This will be the first class A building developed in the SouthBroward corridor in many years, Robinson said in a release, addingthat the building is expected to lease quickly because of thespace's quality and signage visibility from I-95. The total projectcost is approximately $65.5 million.

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"The components of the hotel and office will provide guests andtenants a synergistic experience, which currently does not exist inthis market," said Economos, who could not be reached for furthercomment.

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