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The Real Deal Miami

Las Olas Riverfront looks for new owner

September 16, 2010 10:30AM

There is a new effort to sell the troubled Las Olas Riverfront shopping,
dining and entertainment complex on the New River in downtown Fort
Lauderdale, located at 300 SW First Avenue. The 244,000-square-foot
complex is almost empty, with the potential sale being handled by
Colliers International in Miami. The seller is Momentis Property Group,
an affiliate of New York-based Cerberus Capital Management. So far, the
pool of interested takers includes institutional groups like pension
funds, private equity firms and high-net worth individuals. The assessed
value of the site is around $15.9 million, according to John Crotty,
senior vice president and partner at Colliers International. [Sun