Fort Lauderdale agency may sell downtown park

Miami /
Jan.January 24, 2016 11:00 AM

The financially insecure Downtown Development Authority in Fort Lauderdale may sell a park to a developer if the city refuses to lease it.

The authority, owner of Bubier Park and the Huizenga Plaza there, proposed leasing the park to the city for five years for  $100,000 a year and requiring the city to cover the cost of managing the park.

But city commissioners appear unwilling to lease the park, located at the intersection of Andrews Avenue and Las Olas Boulevard next to Riverwalk, a linear city park along the New River.

Mayor Jack Seiler told the Sun-Sentinel that “it needs to remain open space. Riverwalk would not be Riverwalk without Huizenga Plaza and Bubier Park.”

Broward County has valued the park at more than $5 million.

The Downtown Development Authority has projected that its financial reserves could be drained in four years without a new source of revenue. The authority expects its expenses to start exceeding revenue next year.

Created 50 years ago to promote redevelopment of blighted areas in the central business district, the Downtown Development Authority collects taxes on commercial property in downtown Fort Lauderdale. But extensive residential property development in the downtown area has limited the authority’s tax collections.

Christopher Wren, executive director of the authority, told the Sun-Sentinel that Bubier Park could be developed in a way that preserves an “open urban park” and generates funds to purchase other downtown parcels and convert them to parks.

Wren also said the authority has talked to a developer about buying the park. [Sun-Sentinel]— Mike Seemuth


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)
Related Fund Management, CP flip portion of Las Olas Square
Related Fund Management, CP flip portion of Las Olas Square
A rendering of One Flagler in downtown West Palm Beach and River Landing Shops & Residences in Miami with Related Companies Stephen Ross and Andy Hellinger and Coralee Penabad of Urban-X Group, developer of River Landing. (Related Companies, RL Miami)
Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants
Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
OKO Group's Vlad Doronin and Cain International’s Jonathan Goldstein along with the development site at 629 Southeast Fifth Avenue in Fort Lauderdale (OKO Group, Cain International, LoopNet, iStock)
Doronin’s OKO, Cain score $97M construction loan for downtown Fort Lauderdale rental tower
Doronin’s OKO, Cain score $97M construction loan for downtown Fort Lauderdale rental tower
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
arrow_forward_ios

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

Loading...