Broward may buy back land lease for $30 million

It's part of a pending expansion of the Broward County Convention Center

TRD MIAMI /
Jul.July 03, 2016 03:30 PM

Broward County may pay about $30 million to repurchase a land lease for the Portside Yachting Center, a complex of stores and offices near the county’s convention center in Fort Lauderdale.

The county wants to demolish the 18-year-old Portside complex, formerly known as Northport Marketplace, on Southeast 17 Street at Eisenhower Boulevard.

Demolition would clear the 3.9-acre site for a transit center, part of a pending expansion of the Broward County Convention Center and a possible hotel development nearby.

A series of retailers and restaurant owners have tried operating at the Portside location and have left. The property has been for sale at least twice. It once was home to a link in the old Planet Hollywood chain of cinema-flavored restaurants.

When the county leased the land at the Portside location in 1987, it intended to spur development  hotel rooms near the convention center, which have not materialized despite multiple efforts.

County commissioners last month gave initial approval to paying $30.3 million to buy the lease to its land at Portside. A final vote could happen in autumn.

Investors Mark Ellert and Steven Hudson own the land lease, which expires in 76 years. [Sun-Sentinel] — Mike Seemuth


Related Articles

arrow_forward_ios
Fontainebleau Miami Beach (Top), Diplomat (Left), and Boca Raton Resort (Right)

SoFla hotels face $4B CMBS debt exposure

Ken Griffin and the Four Seasons Resort Palm Beach (Credit: Larry Busacca/Getty Images)

Ken Griffin operating trading room at the Four Seasons Palm Beach during hotel closure

Gov. Ron DeSantis (Credit: Josh Brasted/Getty Images)

Safer-at-home effective in South Florida until mid-April

Jay Sakalo and Jaime Sturgis

South Florida commercial real estate closings face delays and cancellations due to coronavirus economic meltdown

From left: Eden Roc and BLT Prime Trump National Doral (Credit: Acroterion/Wikipedia, and Trump International Hotels Management LLC)

Trump National Doral restaurant, Eden Roc hotel lay off hundreds

From left: Miami Beach Mayor Dan Gelber, and Miami-Dade Mayor Carlos Gimenez (Credit: Twitter, Ryan Holloway/ Armando Rodriguez Miami-Dade County Photographers, and iStock)

All hotels, short-term rentals in Miami-Dade ordered to shut down due to coronavirus

Clockwise from left: the Acqualina, the Biltmore and the Diplomat (Credit: Google Maps)

Diplomat, Acqualina, Biltmore hotels closing amid coronavirus

A photo illustration of Key West (Credit: iStock)

All hotels and short-term rentals to shut down in Florida Keys

arrow_forward_ios
Loading...