Media, Real Estate News, New York, Los Angeles, Miami
Fort Lauderdale, Florida, Office, Housing, Mixed-Use, Real Estate Development, Land Acquisition, Jorge Perez
The Real Deal
The site is next to Relatedâ€™s Icon Las OlasRelated Group paid $8 million for a development site on Fort Lauderdaleâ€™s Las Olas Boulevard as it continues to bet on the city.
The Miami-based real estate developer bought the 0.35-acre parcel for $525 per square foot, marking the highest-priced land trade on Las Olas Boulevard, according to Cushman & Wakefield. Steelbridge, a Chicago and Miami-based private equity firm, sold the property.
Robert Given, Errol Blumer, Troy Ballard and Ricky Giles of Cushman & Wakefield represented the seller in the deal.
The site has flexible zoning and could be developed into a residential, retail, hotel and office project, according to a press release.
The property is one of the last remaining undeveloped single parcels in downtown Fort Lauderdale, with 70 feet of frontage along Las Olas Boulevard. Itâ€™s next to Steelbridgeâ€™s Las Olas Square, a Class A, 278,635-square-foot mixed-use property anchored by the 17-story SunTrust Center. Itâ€™s also next to Relatedâ€™s 44-story Icon Las Olas, a 272-unit multifamily project.
Known for its condo towers in Miami, Related is expanding its presence in Fort Lauderdale.
In December, Related scored a $47.9 million construction loan to build its New River Yacht Club III project in downtown Fort Lauderdale. In Fort Lauderdale Beach, Related developed Auberge Beach Residences and Spa, a luxury condo project at 2200 North Ocean Boulevard.