Vacant Downtown Fort Lauderdale Parcel Hits Market As Development Heats Up

Written by on 08.15.17 in Investment Trends, Land, MultiFamily, Office, Retail - No comments

An investment group said it plans to sell a vacant parcel in downtown Fort Lauderdale that could bring offices, residences or a hotel to the area.

Broward GP LLC paid $10.53 million for the 1.24-acre site at 121 E. Broward Blvd. in 2004, property records show. There is no asking price.

The property is within two blocks of the new Brightline commuter rail station expected to open late in the year. Thousands of apartments and rentals have opened nearby in recent years.

Office developers also are moving forward with plans that have been dormant since the Great Recession. Downtown Fort Lauderdale’s office vacancy rate is less than 10 percent due to recent business expansion, according to numerous industry reports.

“The redevelopment of the Las Olas Riverfront will be an integral part of the downtown’s renaissance,” said Tom Capocefalo, senior managing director for Savills Studley.

Property Markets Group plans to build 1,200 apartments and 40,000 square feet of shops and restaurants on the site west of Andrews Avenue overlooking the New River. The project is expected to be built in two phases over seven to eight years.

”Once that starts, it’s going to be a neat twist for the city,” Capocefalo said.

 

Source: SunSentinel

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