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Developer Passes on Quick $5.6 Mil Profit

LAUDERHILL, FL-An affiliate of locally based Southern Facilities Development forsakes a potential long-term gain of about $30 million in a deal to sell a 96-acre tract for $15 million to a county-run conservation trust.

By David R. Corder | Updated on May 09, 2001

LAUDERHILL, FL-An affiliate of Southern Facilities Development could net about $5.6 million by flipping 96 acres in a deal to transform the undeveloped industrial land into a regional county park.

The Broward County Commission tentatively approved a proposal Tuesday to pay $15 million to Miami-based Southern Facilities Development of Lauderhill, FL for the industrial-zoned site at the northeast corner of Sunrise Boulevard and State Road 7, 25 miles north of Downtown Miami.

Southern Facilities negotiated the rights last July to acquire the site for $9.4 million from AT&T. Then the company secured approval earlier this year from the Lauderhill City Commission to plat the property for a proposed 1.6 million-sf industrial park.

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