Art Falcone buys Fort Lauderdale development site for $9.4M

Miami /
Jun.June 19, 2015 11:15 AM

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 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.


Related Articles

arrow_forward_ios
A photo illustration of 1401 Southeast 15th Street (bottom) and 1300 Northeast Third Street (top) in Fort Lauderdale (Google Maps, Getty Images)
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development's Josh Schuster with 100 Southwest Sixth Street
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Premium Digital Control & Automation's Marc Farbstein and Fortress Anchors' Dylan Hallerberg with 52 Royal Palm Drive (LinkedIn, Google Maps)
Smart home honcho buys waterfront Fort Lauderdale home
Smart home honcho buys waterfront Fort Lauderdale home
Rentyl Resorts' Nick Falcone (Rentyl Resorts)
5 minutes with hospitality investor Nick Falcone
5 minutes with hospitality investor Nick Falcone
Dev Motwani and Nitin Motwani with a rendering of 530 North Birch Road (Adache Group Architects)
Motwanis win approval to expand planned Fort Lauderdale condo project
Motwanis win approval to expand planned Fort Lauderdale condo project
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Sharon Gustafson, Laurent Ouazana and 3916 Country Club Lane (Facebook/Sharon Gustafson, Twitter/@hellolab, Susan Rindley with One Sotheby’s International Realty, Getty)
French insurance CEO buys Fort Lauderdale estate
French insurance CEO buys Fort Lauderdale estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...