The Real Deal Miami

Prime Fort Lauderdale land hits the market asking nearly $13M

By Guelda Voien | March 15, 2013 11:00AM

Land for sale near Flagler Village (available parcel highlighted)

Fortune International Realty is hawking some of the last land near the Flagler Village development, The Real Deal has learned. The 3.56 acres are asking $12.9 million, according to listing broker Alfonso Jaramillo of Fortune. The property hit the market last week.

The site lies one block north of the Related Group’s Flagler Village, a 382-unit mixed-use development rising on Federal Highway between Northeast Fifth and Sixth streets. Related bought the property, which will bring rental apartments and almost 25,000 square feet of retail, for $13 million in January 2011, as The Real Deal reported at the time.

“This is the last large portion of land close to Downtown Fort Lauderdale,” Jaramillo said, adding that zoning requires retail along at least one side of any development that could be built there.

The seller is a Brazilian company called Tiner, which Jaramillo said has chosen to exit the property because it doesn’t have the resources to develop anything there at the moment.

“Large national institutional investors are looking at the site,” Jaramillo said. “And it would be perfect for a [real estate investment trust].”