The Real Deal Miami

Foreclosed Fort Lauderdale site auctioned for 76 percent off mortgage value

April 13, 2011 04:19PM

The vacant Fort Lauderdale site once planned as the Aquatania condominium has been sold at auction for 76 percent off the value of its foreclosed, $12.5 million mortgage. The buyer of the 1.5-acre site, an affiliate of Sunscape Group, paid $3.06 million in an online auction — the latest in a string of distressed real estate buys for the company along Fort Lauderdale’s waterfront. An attorney for Sunscape said plans for the lot are up in the air, but would likely be some combination of cafes, art galleries and boutiques as opposed to a large-scale development project, like the one Premier Bayshore Developers had initially proposed there. [SFBJ]