Developer of Proposed 38-Story Apartment Tower Says 'Forget It'

FORT LAUDERDALE, FL-City government and Miami-based Related Group of Florida have been wrangling for months over the developer’s plan to build apartments on the site of the Hyde Park Market. The land, about four acres, is owned by Coolidge-South Market Equities of Scarsdale, NY.

The city had even begun eminent domain proceedings to acquire the land at a court-approved price. A measure put on the ballot this past spring, and approved by voters, would allow the city to float up to $8 million of property-tax-backed bonds to buy the development site for a park. The proposed taking of the land is due for a preliminary court hearing Oct. 24.

Related’s withdrawal of its proposal came prior to a scheduled meeting of the city’s Historic Preservation Advisory Board. According to those close to the case, if the preservation group had ruled against the developer’s plan, or voted to allow only a scaled-back building, the ultimate value affixed to the land in court could be reduced.