Ft. Lauderdale development site sells for $20 million

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Avison Young says its Florida Capital Markets Group negotiated the $20 million sale of the 1.24-acre development site at 121 E. Broward Blvd. in downtown Fort Lauderdale.

“One of the few remaining vacant parcels in the central business district, the property is primed for office, multifamily, hotel, or mixed-use development totaling more than 500,000 sq. ft. of rentable space,” the broker said in a May 9 statement.

“Investor appetite across all property types has been strong and shows no signs of slowing despite concerns in other urban markets nationally,” said Michael T. Fay, who is also managing director of the firm’s Miami operations and was one of the Avison Young representatives who co-ordinated the transaction. “The buyer has been very active in the Fort Lauderdale market and understood the significance of the site’s location, being the crown jewel and gateway into Fort Lauderdale.”

The site is the only vacant private property on Broward Boulevard between the train tracks and the Intracoastal Waterway. Over the past decade, downtown Fort Lauderdale has seen significant multifamily development, rising office rental rates, and new retail and dining options. The broker says the property has doubled in value since it last sold in 2004.

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