Broward Parcel To Be Auctioned

FORT LAUDERDALE, FL-Swerdlow Group is planning to auction off its 99-year leasehold interest in the former park-and-ride location at Cypress Creek Road and Interstate 95 on June 10. Measuring 11.5 acres, the land represents one of the largest undeveloped parcels in Broward County.The property, located at the southeast corner of Cypress Creek Road and North Andrews Avenue, is approved for the development of more than one million sf of office, retail and hotel space. However, multifamily developers also have shown interest in developing it. A pedestrian bridge is planned to be built over North Andrews Avenue, as well as a bus depot, to improve accessibility to the property.Swerdlow Group, which signed the leasehold with the Florida Department of Transportation in 1999, is using Fisher Auction Co. in cooperation with CB Richard Ellis Inc. to handle the sealed-bid auction. The auction is scheduled to take place at the Sheraton Suites Cypress Creek Hotel, at 555 N.W. 62nd St. in the city. Ninety-five years remain on the leasehold, meaning a buyer would need to make annual rental payments to the Department of Transportation. The payments are $300,000 due for year six, rising each year after that, with total leasehold payments over the life of the lease at a little more than $91 million. The buyer also would have to pay 1% of any gross revenue that the property generates.