A development site on the northwest corner of Las Olas Boulevard and Southeast Sixth Avenue in downtown Fort Lauderdale.
Related Group bought a prime downtown Fort Lauderdale development site for $8 million as the neighborhood is experiencing growth and new construction.
Related, one of the biggest names in South Florida real estate led by Jorge Pérez, bought the property Friday on the northwest corner of Las Olas Boulevard and Southeast Sixth Avenue from real estate private equity firm Steelbridge LLC with offices in Miami and Chicago.
Project plans weren't immediately available, although the 0.35-acre site has liberal zoning allowing for residential, retail, hotel and offices.
This is a record Las Olas Boulevard land transaction on per-acre and per-square-foot bases, according to dealmaker Cushman & Wakefield. The deal would break down to $23 million per acre and $525 per square foot.
The Fort Lauderdale-based Cushman team that closed the deal comprised vice chairman Robert Given, senior associate Errol Blumer, executive managing director Troy Ballard and financial analyst Ricky Giles, who represented the seller.
Blumer in a news release highlighted Fort Lauderdale's "urban revival," saying downtown is poised for population growth.
"This site presented a coveted opportunity for a developer to acquire a trophy development site in Fort Lauderdale's urban core, surrounded by existing world-class projects," he added.
Related's acquisition is just east of two-building office complex Las Olas Square, owned and renovated by Steelbridge, and north across Las Olas Boulevard from the Icon las Olas luxury apartment tower developed by Related on the New River. The 44-story, 272-unit high-rise is the city's tallest.
The site is a short walk east from Stiles Corp.'s The Main Las Olas 1.4 million-square-foot mixed-use project under construction.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
