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New York Firm Buys Downtown Lauderdale Multifamily Site

FORT LAUDERDALE, FL-Omni Equities Ltd. is reported to have purchased a 1.75-acre of land Downtown for about $9 million to develop a 42-story apartment or condominium tower. The seller owned the site for less than a year and flipped it for a $1 million profit.

By Harold Kelman | Updated on October 27, 2000

FORT LAUDERDALE, FL-This city has recently decreed high-rise towers Downtown are out. Nevertheless, informed industry sources say Omni Equities Ltd. of Rye, NY has bought 1.75 acres of vacant land between Las Olas Boulevard and the New River to develop a 42-story apartment tower–the same height thatCharles Palmer of Sea Ranch Properties was forced to reduce recently on similar-planned property along the New River.

Palmer cut back plans for one of the buildings by 10 floors and the other by four.

Another developer, the Related Group of Florida, simply walked away from its proposal to build a 38-story apartment tower, also along the New River, rather than revise its plans to accommodate the city’s get-tough posture on building height.

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