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The Traina Companies puts FATCity site in Fort Lauderdale on the market
Comps average $27 per buildable square foot, which would come out to $36M
The Traina Companies is looking to joint venture or sell the site of a 1.35-million-square-foot, mixed-use project in Fort Lauderdale, FATCity.
Avison Young’s David Duckworth, John Crotty and Michael Fay are listing the property at 300 North Andrews Avenue. Duckworth said it’s hitting the market unpriced and a call for offers is planned for about 45 days from now.
New York and Delray Beach-based Traina secured entitlements for FATCity in July. The 2.69-acre site was approved for two 30-story towers with 270,000 square feet of office space, retail and hospitality, 612 residential units and more than 1,300 parking spaces.
Between 2015 and 2017, comparable sites in Fort Lauderdale have sold for an average of $27 per buildable square foot, which would come out to about $36.45 million for the planned development.
The site spans the entire eastern block of Andrews Avenue between Northeast Third and Fourth streets and is about two blocks away from All Aboard Florida’s Brightline station in Fort Lauderdale, just south of Flagler Village.
Duckworth said Avison Young is approaching national and local developers interested in large-scale, transit-oriented projects.
A number of developments are underway in and around Flagler Village. In December, the Related Group joined FATVillage partners Doug McCraw and Lutz Hofbauer in securing approvals for the Gallery at FATVillage, a 14-story, 168-unit project with parking and retail space. Last month, a company led by Miami developer Ricardo Vadia purchased the Flagler 626 site at 626 Northeast First Avenue.