Lauderdale Lakes Envisions $100 Million Development On Prime City Property

Written by on 02.23.16 in Land, MultiFamily, Office, Retail - No comments

Hundreds of apartments could be coming to Lauderdale Lakes’ Commerce Park, a prime piece of vacant property.

The American Land Ventures conceptual plan includes a mix of multi-family, retail and commercial construction, with retail along Oakland Park Boulevard, residential buildings in the main portion of the site and commercial on the southern boundary. (Courtesy/City of Lauderdale Lakes)

The American Land Ventures conceptual plan includes a mix of multi-family, retail and commercial construction, with retail along Oakland Park Boulevard, residential buildings in the main portion of the site and commercial on the southern boundary.
(Courtesy/City of Lauderdale Lakes)

The new plan for the city-owned land includes retail and commercial spaces along with the residential complex that is expected to take up the majority of the 23-acre site.

The City Commission has agreed to negotiate with American Land Ventures to purchase and develop the property on the south side of Oakland Park Boulevard at Northwest 31st Avenue, the largest remaining vacant parcel in the city.

The city’s Community Redevelopment Agency purchased the land for $5.7 million in 2010, hoping it would be an anchor for the city’s economic redevelopment, but earlier efforts didn’t pan out.

Jason Robertson, vice president of development for the Miami-based American Land Ventures, said the company’s project would be valued at more than $100 million and include residential, commercial, retail, dining and entertainment space, along with public open space.

The company will now work with the city to put together specifics for the project. American Land Ventures also developed the New River Village along Fort Lauderdale’s Riverwalk.

“We’ve blurred the lines between public space and private space so everybody can enjoy the Riverwalk,” Robertson said of the complex on the south side of the New River. “We created a place, a sense of being.”

Robertson estimated the value of the property between $7.5 million and $8 million. The city will have an appraisal done as part of the negotiations. Robertson said the company plans to incorporate the city’s Mediterranean-style architecture theme into the project. The company was selected from among four firms that submitted proposals to the city.

Only four commissioners were present at the Feb. 16 Community Redevelopment Agency meeting where the decision was made. Commissioner Patricia Hawkins-Williams, who is the head of the agency’s board, and Mayor Barrington Russell, who is allowed to vote on agency items, were absent.

If the city cannot reach an agreement with American Land Ventures, it would then try to negotiate with the second-ranked proposal, a joint venture involving Lawrence Wright Luxury Development and GreenField Companies LLC.

ImmoCorp Capital finished third in the commission’s ranking and BH Investments US LLC came in fourth.

 

Source: SunSentinel

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