By: Brian Bandell | South Florida Business Journal
Kolter Group completed 100 Las Olas, the tallest building in Fort Lauderdale, delivering condos and a hotel during a challenging time for both sectors.
The tower rises 46 stories, or 499 feet, with 113 condos, a 238-room Hyatt Centric hotel, and several restaurants. Condo pricing starts in the low $800,000s for a 1,501-square-foot unit, up to about $6 million for a 5,154- square-foot penthouse.
Amenities in the hotel include a pool with a bar/restaurant, a fitness room, and meeting spaces. The first-floor lounge is shared by the condo and hotel. The condo level starts on the 16th floor. The residents have a private clubroom, fitness center, massage rooms, coffee bar, and pool with grilling stations.
“This is probably the nicest Hyatt Centric in the whole portfolio,” said Scott Webb, president of Kolter Hospitality.
Webb said the project was completed about four months ahead of schedule, opening on April 2. That was an extremely difficult time for hotels, as the Covid-19 shutdowns had just started. They did a lot of hiring 90 days in advance of opening, but they were forced to scale back.
The hotel had just 12 employees when it open because there were virtually no guests, Webb said. Now, however, occupancy has been picking up and the staff has increased to about 40. Yet, room rates are still down.
“Air travel and cruises are down and, in Fort Lauderdale, that is a big part of the business drivers for hotels,” Webb said.
Ed Jahn, senior VP at Kolter Urban, said 51 of the condos have been sold since closings started in the first quarter and another dozen are under contract.
“We would have thought we would have been a little further along in our sales pace,” Jahn said. “Covid hurt us because not being able to show people the finished units at the end delayed people from getting into the building. Once people see it, they just fall in love.”
Jahn said most of the buyers in 100 Las Olas were locals downsizing from single-family homes in western Broward County and Fort Lauderdale and making the new condo their primary residence. There were also some second homebuyers from the Northeast U.S. and overseas. Selling to international buyers, including Canadians, have been challenging because of travel restricts from the pandemic, Jahn said. Broward is one of the biggest markets for Canadians purchasing homes in the U.S.
“We fully expect once those restrictions are lifted, we will get more interest from our Canadian friends,” Jahn said.
The Harborwood restaurant at 100 Las Olas is currently open. The interior buildout is currently taking place for the Eddie V’s restaurant, a seafood and steak chain owned by Darden. Jahn expects it to open in early 2021.
Kast Construction was the general contractor of 100 Las Olas, which was completed in about 2.5 years. SB Architects designed the building, while Simone Deary was the interior designer.
100 Las Olas Luxury Condominium Residences
Hyatt Centric® Hotel
Sales Gallery located at 100 E. Las Olas Boulevard, Suite 1701, Fort Lauderdale, FL 33301
SOURCE: South Florida Business Journal