The Real Deal Miami

Art Falcone buys Fort Lauderdale development site for $9.4M

Three lots last sold for a combined $4.15M

June 19, 2015 11:15AM
By Sean Stewart-Muniz

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Art Falcone

Art Falcone

A company affiliated with developer Art Falcone just purchased a vacant lot in Fort Lauderdale for $9.4 million.

Three parcels totaling 1.3 acres were included in a deed filed earlier this week, which transferred ownership to Rescore 2nd Street, according to Broward County property records.

The buyer’s address leads back to the Falcone Group in Boca Raton, which develops and manages properties.

The surrounding area houses a mix of high-rise commercial and residential buildings.  Two are vacant and the third is a parking lot. Falcone’s plans for the property are unknown, but it is likely that his company will redevelop it.

The three parcels at 417 Northeast 2nd Street in Fort Lauderdale

The three parcels at 417 Northeast 2nd Street in Fort Lauderdale

The seller, a company affiliated with developer Ellis Diversified, had plans to build an apartment tower on the site dubbed “Second Street Residences.” Founder Jim Ellis, a former Blockbuster video store executive, started assembling the parcels in 2006 with the largest purchase for $3.6 million. He picked up the final two in 2014 for a combined $650,000, and got site approval for 398 residences from the city, according to the company’s website.

Falcone is in the midst of co-developing Miami Worldcenter, a massive 27-acre project that will break ground later this year. He is also planning to raze the bankrupted Fashion Mall in Plantation and build a modern, mixed-use project on its site.