Developer under contract for AC Hotel Fort Lauderdale land

Miami /
Oct.October 27, 2015 09:45 AM

OTO Development, a real estate company based in South Carolina, is under contract to buy the land needed for Fort Lauderdale’s first AC Hotel.

The developer said it is picking up three joined parcels along Alhambra Street in Fort Lauderdale Beach for the hotel. Their addresses are 3017, 3021 and 3029 Alhambra Street, and together they form just less than three quarters of an acre.

The project is headed for its final approval phase on Nov. 3, when city commissioners will take a vote. Plans include a 10-story building with 175 rooms designed by architecture firm GarciaStromberg. Other features will include a tapas-style restaurant and an elevated pool deck that overlooks the ocean.

AC Hotels by Marriott is an upscale brand from Marriott International, which focuses on business travelers and is generally “select service,” meaning it cuts out amenities like room service or banquet facilities. The brand first launched in Europe and recently transitioned to the U.S., including two locations in South Florida.

“We wanted to bring an upscale but very price sensitive product to Fort Lauderdale beach,” Dan Teixira, a Douglas Elliman agent that represented OTO for the acquisition, told The Real Deal. “There’s a niche that’s not there.”

Teixeira said that OTO is paying “in the neighborhood” of the $9 million asking price for all three properties.

He first got involved in the project as the listing agent for 3029 Alhambra Street, a 12,500-square-foot patch of empty land that was once eyed for a Vintro Hotel location.

Worried that the 13-story Vintro was too big for its lot, city commissioners denied the project, the Sun Sentinel reported in 2013. Teixeira told TRD that his client, which originally paid $1.8 million for the land in 2013, decided to sell. The property officially hit the market in January.

Teixeira, knowing the original plans for a hotel on the lot, said he decided to solicit several other owners on the block as well as a developer in hopes of kickstarting a project.

“I was at every city commission meeting and planning and zoning meeting for the Vintro,” he said. “I heard the mayor and the city commissioners loud and clear. They want a quality development with an abundance of land with proper setbacks.”

He said he got the owners on board for both 3017 Alhambra Street, a small rental apartment building known as Villa Torino, and 3021 Alhambra Street, a low-rise hotel called the Alhambra Beach Resort.

Property records show the hotel owners, TC Ventures LLC, paid $1.65 million for the property in 2004. And at Villa Torino, the last recorded sale in 2002 was for $635,000 to the James P Ostryniec Revocable Trust. Combined, the three properties last sold for $4.09 million.

Construction of the AC Hotel, should it get its approvals, would begin in early 2016, Teixeira said. It would take about 18 months to build.


Related Articles

arrow_forward_ios
From left: 707-715 Southwest Fifth Street, Dania Beach; 2901 Northwest 18th Street, Fort Lauderdale; and 801-805 Northwest 10th Street, Hallandale Beach (Google Maps)
GDF Properties scoops up Broward multifamily portfolio for $17M
GDF Properties scoops up Broward multifamily portfolio for $17M
An aerial photo of Boca Lago Golf & Country Club (Google Maps, iStock)
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
1600 Ponce De Leon Drive, Fort Lauderdale (Google Maps)
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Chad Johnson and 1300 Brickell Drive, Fort Lauderdale (Lady Jane's)
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
John Rosatti and 315 Royal Plaza Drive, Fort Lauderdale (Google Maps)
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
Scottie Pippen and 2571 Del Lago Drive, Fort Lauderdale (Getty, Compass)
Scottie Pippen relists Fort Lauderdale estate for $12M
Scottie Pippen relists Fort Lauderdale estate for $12M
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
arrow_forward_ios

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

Loading...