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Terremark Sells Hotel Project for $17.2 Mil

MIAMI-The locally based developer sells development rights on a 2.1-acre, oceanfront site in Fort Lauderdale for $8.19 million per acre or $188 per sf to Billden Inc. of Miami.

By David R. Corder | Updated on July 05, 2001

MIAMI-Terremark Worldwide Inc. has signed a binding agreement to sell the development rights on the proposed 2.1-acre, 22-story Fortune House luxury condominium-hotel project in Fort Lauderdale for $17.2 million or $8.19 million per acre to Miami-based Billden Inc.

The Miami-based provider of Internet infrastructure and managed services expects to close later this month at $188 per sf on the sale of the 90,000 sf, beachfront development site.

Miami-based Billden, an Xavier Hawley company, acquired the rights on a 22-story, 278-unit luxury condo-hotel project. On its Internet site, the Greater Fort Lauderdale Chamber of Commerce says it anticipated construction to begin in December with completion in 2003.

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