The Real Deal Miami

Waterfront site in Fort Lauderdale sells for $13.5M

0.78-acre vacant lot last sold for $10.6M in December
Vacant lot at Riomar Street and Bayshore Drive in Fort Lauderdale

Vacant lot at Riomar Street and Bayshore Drive in Fort Lauderdale

A condominium development site on the Intracoastal Waterway in Fort Lauderdale has traded hands for $13.47 million, or $396 per square foot, according to Broward County records.

Fort Lauderdale-based Atlantic Residents Development, which is managed by John Atkinson and George Miller, sold the 0.78-acre vacant lot last week to Costa Bahia LLC less than a year after Atlantic Residents acquired it. In December, Atkinson and Miller paid $10.6 million for the 33,984-square-foot property and used a $6.3 million mortgage to finance the sale.

Leonardo Guillermo Coll Mazzei is a manager for Costa Bahia, according to corporate records. The Fort Lauderdale-based LLC has offices at 700 East Las Olas Boulevard.

In April 2014, Miami-based Royal Atlantic Developers received approval for a 37-unit condo project on the site, which is along Bayshore Drive and Riomar Street.