A developer acquired a vacant site in Fort Lauderdale’s Flagler Village through a short sale transaction.
Hollywood-based Florida Prime Group US paid $9.01 million for the 3.75 acres between Northeast Seventh and Eighth streets on the west side of North Federal Highway, according to Fort Lauderdale broker Paul Lepine, CCIM. Lepine represented both sides of the short sale, which closed last week. U.S. Century Bank and BH3 Management were the lenders.
Florida Prime plans to build a mixed-use rental development on the land. The project would also include a 120-room hotel and about 25,000 square feet of retail space fronting North Federal Highway. The developer hopes to start construction by July 2015 and complete the project 18 months later.
This would be the third multifamily development in the “urban village designated section” of Flagler Village, according to Lepine. — Eric Kalis