Charles Cohen is returning to business with plans to construct a speculative office complex in Dania Beach, Florida, near Fort Lauderdale's main airport. The billionaire's firm, Cohen Brothers Realty Corporation of Florida, is initiating the “Office Center of the Americas” (OCOTA) project, a two-building development with a total of 400,000 square feet of office space.
Designed by Nichols Brosch Wurst Wolfe & Associates, the project will be realised in two phases and is expected to cost approximately $350 million. Both buildings will be 10 storeys high and feature an attached four-storey car park. They are located at 1805 and 1815 Griffin Road, directly opposite Interstate 95, south of the Fort Lauderdale-Hollywood International Airport. Cooper Horowitz is responsible for financing the construction costs. A representative for Cohen declined to comment on the construction timeline.
OCOTA and its History
OCOTA will be built adjacent to the Design Center of the Americas (DCOTA), a mixed-use complex that Cohen lost to his former lender, Fortress Investment Group, in a foreclosure two years ago. Only last month, the New York lender, now owner, received $45 million to refinance the 780,000 square foot office and design exhibition complex.
The dispute between Fortress Investment Group and Cohen escalated when the lender also laid claim to personal assets of the New York billionaire, including a chateau and vineyard in Southern France, a 220-foot megayacht, and a collection of Ferrari sports cars. In June, Cohen announced that he had settled the full claim.
Further Speculative Developments in South Florida
Cohen has also revived plans for another 400,000 square foot office project, this time in Downtown West Palm Beach. In July, the developer applied for permits after a foreclosure process over a $10 million loan tied to the 2.4-hectare plot was resolved, as reported by The Real Deal.
Cohen thereby joins other developers in South Florida who are launching speculative office projects without pre-signed leases. This approach is considered notable given the shift towards remote work, amplified by the pandemic. Last month, for instance, Gatsby Florida received a $119 million construction loan for the development of a speculative, eight-storey office complex in Palm Beach Gardens.
