The Real Deal Miami

Condo development site on Intracoastal Waterway in Fort Lauderdale sold for $10.6M

Seller obtained city approval for 37-unit building in April
December 30, 2014 02:15PM

Fort Lauderdale Intracoastal Waterway. Credit: Jessie Eastland

Fort Lauderdale Intracoastal Waterway.
Credit: Jessie Eastland

A Fort Lauderdale condo development site along the Intracoastal Waterway has sold for $10.6 million.

The 33,984-square-foot site on Bayshore Drive at Riomar Street was purchased for $312 per square foot. It last sold in 2001 for $4.25 million, or $125 per square foot, according to the South Florida Business Journal.

The property was acquired by Fort Lauderdale-based Atlantic Residents Development, which is managed by John Atkinson and George Miller. The buyer used a $6.3 million mortgage from Paradigm Credit Corp. and Sedona Capital.

In April, Miami-based Royal Atlantic Developers, led by Edwin Verdezoto, obtained city approval for a 37-unit condo project on the site. It was to be called Royal Atlantic, the South Florida Business Journal reported. [South Florida Business Journal] Ina Cordle