The Related Group and Rabina Properties say they closed on a $105 million construction loan from SunTrust Bank for the Icon Las Olas rental project in Fort Lauderdale.
The 45-story property is at 500 East Las Olas Blvd. At 455 feet, the building will be the tallest high-rise in Fort Lauderdale, the developers said.
Related said the 272 units will be complete in the middle of 2017. The development originally was planned as a condominium, though Related says it may still convert the units to condos.
Construction began this year after more than a decade of legal challenges and housing woes. Related first submitted plans to the city in 1999, but supporters of the Stranahan House next door objected to the development because they feared it would overshadow the city's oldest building.
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Icon Las Olas Construction to Begin Again (Really This Time)