Downtown Parcel Hits Market for Development Opportunity

Broward GP LLC has recently said that is plans to sell a vacant parcel of land in the downtown Fort Lauderdale area that could be a prime spot for offices, residences or a hotel. They had paid $10.53 million for the land over 10 years ago in 2004.

An asking price has not been set said the listing agent. “They just haven’t found that right deal yet,” he said. “But it’s a really dynamic site.”

The parcel is zoned for a dwelling up to 500 feet which could accommodate roughly 500,000 SF or potentially 400-500 residential units. Alternatively a hotel could also be a possibility with ground floor retail space.

It was stated that the current owner had originally bought the property as an investment and had recently decided to sell it now as development momentum for the area has come into full swing. The location is also just two blocks away from the new Brightline commuter rail station that is slated to open later in the year. The area has been on the rise with thousands of apartments and rentals having opened nearby recently.

In addition to residential developers, those building for office space have also been proceeding forth with plans for commercial space as of late. As a result of the demand for the area, Downtown Fort Lauderdale’s office vacancy rate is very low due to all of the recent business expansion in the area.

The redevelopment of the Las Olas Riverfront will also help foster and continue growth for the downtown area. Property Markets Group has plans to build 1,200 apartments and 40,000 SF of retail and restaurant space on the parcel west of Andrews Avenue. This project will have two phases that will be built over the next seven to eight years.

The excitement of the renaissance for downtown Fort Lauderdale continues as a live, work and play destination comes to fruition.