The Real Deal Miami

Lennar pays $12.5M for Fort Lauderdale land

Property was sold by former Blockbuster exec

August 21, 2015 12:45PM
By Sean Stewart-Muniz

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120 Northeast Fourth Street and a rendering from Ellis Diverisified's website of a possible condo project on the land.

120 Northeast Fourth Street, and a rendering from Ellis Diverisified’s website of a possible condominium on the site.

A chunk of vacant land in Fort Lauderdale was just sold for $12.5 million to an affiliate of the Lennar Corp., one of the largest homebuilding companies in the nation, Broward County records show. 

The deal includes six parcels that measure 2.2 acres of land altogether. They’re located at 120 Northeast Fourth Street, next to several low-rise commercial buildings and the 21-story condo tower, 315 Strada.

An affiliate of Lennar’s multifamily division was named as the buyer, according to Broward County records.

The seller was a company managed by Jim Ellis, a former Blockbuster video store executive. Ellis, who founded a development company named Ellis Diversified, bought the properties at auction for an unknown amount in 2005 after former owner Glenn B. Wright lost them in a foreclosure judgement. Before that, the last recorded sale price was for $1.65 million in 2004. 

This is the second time Ellis has sold vacant land to a prominent developer this year. In June, his company traded 1.3 acres of vacant Fort Lauderdale land to Miami Worldcenter principal Art Falcone.