A developer of boutique condos in Fort Lauderdale paid $3.6 million for land on the south side of the city to build a 10-story hotel.
Grupo Alco bought a 1.75-acre site at 350 East State Road 84, two miles from Fort Lauderdale-Hollywood International Airport and within a mile of Port Everglades.
Grupo Alco bought the land from Sailorman Properties II, which runs the Sailorman marine store there and plans to relocate the store. Sailorman Properties bought the property in 2007 for $425,000.
Leonardo Coll, president of Grupo Alco, told the Sun-Sentinel that the location is “very prominent … We think it’s perfect for a hotel.”
Coll also told the newspaper that Alco plans to break ground next year for construction of a 10-story hotel with 150 to 160 rooms and to complete it in 2019.
Grupo Alco is working on the hotel project in a venture with Driftwood Hospitality Management and Eurobuilding Hotels Group.
Grupo Alco next year expects to complete construction of a 31-unit condominium called Adagio Fort Lauderdale Beach, located at 435 Bayshore Drive. Unit prices start at $1.8 million and range as high as $4.7 million.
Another boutique condo in Fort Lauderdale, called Adagio on the Bay, was Grupo Alco’s first residential development in the United States. The 12-unit condominium at 1100 Seminole Drive was completed in 2015.
Coll told the Sun-Sentinel that after his father founded Grupo Alco in Venezuela in 1958,the company went on to build more than 15,000 residential units and hotel rooms in Venezuela and Panama. [Sun-Sentinel] — Mike Seemuth