NR Investments obtained a $39 million construction loan for its mixed-use development in Oakland Park. Fort Lauderdale-based Stiles Corp. is the general contractor.
The Miami-based developer, led by Nir Shoshani and Ron Gottesman, paid $2.55 million to the city for the development site at 3701-3801 N. Dixie Highway. Miami-based City National Bank of Florida provided the mortgage for the project to Oakland Park Dixie LLC, an affiliate of NR Investments.
The Sky Building will have 136 apartments of workforce housing, including 17 live/work units with space for home businesses, 15,000 square feet of commercial space and about 300 parking spaces.
Twenty percent of the apartments will be for residents making up to 120% of the area median income with the rest for people making up to 140% of area median income. The median household income in Oakland Park was $55,700.
The other building will have 33,000 square feet for City Hall, along with public parking.
Miami-based Zyscovich Architects designed the project. Colliers consulted with city officials on the project.
The project should be completed in summer 2024.
It’s been more challenging in recent months for developers to secure construction loans across the nation, but some local banks have been more active than large national banks that are dealing with more aggressive regulation.