Atlanta developer buys a block in Flagler Village for $23.2M

ArchCo Residential plans apartments and stores in the area north of downtown Fort Lauderdale

TRD MIAMI /
Jan.January 28, 2017 12:00 PM

Bird’s-eye rendering of Flagler 626, one of many developments in the Flagler Village area.

An Atlanta-based company paid $23.2 million for an entire block, parcel by parcel, in the fast-developing Flagler Village area just north of downtown Fort Lauderdale.

The Sun-Sentinel also reported that the buyer, ArchCo Residential LLC, plans to develop a complex of apartments and street-side stores on the block, which is bordered by North Andrews Avenue, Northeast 1 Avenue, Northeast 5 Avenue and Sistrunk Boulevard.

Chris Larsen, president of the Flagler Village Civic Association, owned the last unsold parcel on the block before he selling it Jan. 23 for $5.25 million. His property had been assessed for property taxes at $250,000. ArchCo Residential chief executive officer Neil Brown told the Sun-Sentinel that “everyone on the block did very well.”

ArchCo isn’t the only developer paying seven-figure prices for property in the hot Flagler Village area. For example, Investors led by Walnut Street Capital, LLC, recently paid $1.046 million for two Flagler Village properties at 611 and 617 Northeast Fourth Avenue.  [Sun-Sentinel] Mike Seemuth

 

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