A place in history

Firm for startups to expand, move into 1920s-era building.

FORT LAUDERDALE – General Provision, a hub for startups based in Fort Lauderdale’s FATVillage, has signed a five-year lease to expand its operation in one of the city’s last historic buildings from the 1920s era.

The company plans to launch a three-story, technology-focused, co-working concept at 300 SW First Ave. in the central business district, site of the historic Colonial Hotel. The location is next to the mixed-use X Las Olas project under construction at the now demolished Las Olas Riverfront shopping and entertainment complex.

The Colonial building belongs to longtime Fort Lauderdale developer Dev Motwani of Merrimac Ventures, who brought in Property Markets Group to reshape the Riverfront property, which will feature two residential rental towers with 1,200 units and pricing designed to attract millennials. The buildings will also contain 30,000 square feet of retail and restaurant space.

General Provision founder Tim Hasse sees demographic synergies between his company’s expansion location and the Riverfront project.

“That was a big part of the captivation with this space,” he said. “The [Riverfront] storyline plays well with what we’re doing. We share a property line. It’s very close to the project.”

“They’re paying homage to the historical significance of the building while giving it a modern refresh of the interior,” said Native Realty founder Jaime Sturgis, who brokered the leasing deal. He said General Provision will occupy 6,000 square feet.

“The evolution of office space is continuing,” Sturgis said. “The high-rise corner offices are being traded in for open-floor plans.” It’s an environment, he said, that allows for the exchange of ideas among “like-minded professionals.”

General Provision says its rental spaces for companies will range from $100 to $200 a month for limited visits by users, to $500 a month for “residents” who get access to a dedicated desk, to $750 a month for private offices.

“We have a capacity for 50 companies at the office level, and we have about 25 dedicated desks at the resident level,” Hasse said. “There’s a sweet spot here for our product.”

The cost of operating a space controlled by General Provision in the central business district is less expensive for a new business than if it tried to develop a space on its own, Hasse added. His company hopes to have its new space ready to occupy by late August.

David Lyons can be reached at 954-356-4340, dvlyons@sun-sentinel.com twitter: @davidvlyons