The Real Deal Miami

Developer closes on land for AquaBlu in Las Olas

Project is slated to break ground in October

September 30, 2015 04:30PM
By Sean Stewart-Muniz

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Renderings of the AquaBlu project at 920 Intracoastal Drive in Fort Lauderdale

Renderings of the AquaBlu project at 920 Intracoastal Drive in Fort Lauderdale

The developer of AquaBlu, a planned condo tower in Fort Lauderdale, just closed on a $9 million deal for the development site.

Ocean Land Investments, headed by Jean Francois Roy, announced Wednesday that it purchased the three-quarter-acre parcel at 920 Intracoastal Drive. There, it plans to build AquaBlu, a 17-story residential tower with 35 units.

The land currently houses a 1950’s-era co-op building that had 16 owners. After negotiations, Ocean Land paid average of $562,500 per unit.

“We are delighted to move forward with AquaBlu, and have appreciated the support of the community in working with us to bring our vision to fruition,” Roy, president of Ocean Land, said in a statement. “As we strive to revitalize this dynamic area of Fort Lauderdale, we are committed to delivering high quality residences that complement the natural beauty and sophistication of this community.”

AquaBlu is expected to break ground in October. Its amenities will include deep-water yacht slips, fitness center, saltwater pool and an outdoor barbecue area. Units at the building will range in size from 2,136 square feet to 4,295 square feet, and price from $1.4 million to $3.8 million. So far, the developer said nearly half of the units have been pre-sold.

This is one of four Aqua-branded residential projects Ocean Land is developing in Fort Lauderdale’s Las Olas neighborhood. The others are AquaLuna, AquaVita and AquaMar. All of these projects do not allow smoking inside their units, except for balcony spaces.