Integra Investments buys Lauderdale Lakes dev site

Developer is planning 317 apartments on 8-acre site

Miami /
Jul.July 02, 2018 04:30 PM

Rendering of Bella Vista neighborhood and Integra Investments’ Victor Ballestas

Integra Investments’ long-planned Bella Vista neighborhood in Lauderdale Lakes is one step closer to completion.

Property records show an affiliate of the Miami-based development firm paid $7.2 million for land along West Oakland Park Boulevard for the third and final phase of the project underway at 3559 Northwest 29th Court.

Integra principal Victor Ballestas said the firm is planning to build 317 multifamily units on the remaining eight acres of land. The first two phases are made up of about 270 townhomes.

Records show the seller, Oakland Development Partner, bought the 27-acre development site for $8.25 million in 2014. The company, led by David Frank and Ian Ludmir, purchased the property out of foreclosure.

The final phase originally called for condos, but the Integra opted to build apartments instead, Ballestas said, citing a strong demand for rentals in the area. Integra will also expand the community’s clubhouse, build a new fitness center and renovate the pool.

Integra is also completing major mixed-use projects in Aventura and Hallandale Beach.

Ballestas said he plans to break ground on the third phase of Bella Vista toward the end of 2018.

Another developer, American Land Ventures, is also active in Lauderdale Lakes. The company is under contract to buy about 23 acres of land to build 83 single-family homes.


Related Articles

arrow_forward_ios
4075 to 4201 Northwest 34th Street, Lauderdale Lakes and Peak Capital’s CEO Chris Manning (Credit: Google Maps)
Lauderdale Lakes affordable housing complex fetches $17M
Lauderdale Lakes affordable housing complex fetches $17M
Scott Schoenlank, Andor Kovacs and 6041-6047 Kimberly Boulevard, North Lauderdale (Linkedin, Google Maps)
Restoration 1 franchise founder buys North Lauderdale office and retail center for $6M
Restoration 1 franchise founder buys North Lauderdale office and retail center for $6M
3099 N State Rd 7, Lauderdale Lakes (Credit: Google Maps)
Another drugstore sells: Lauderdale Lakes Walgreens flips for $8M
Another drugstore sells: Lauderdale Lakes Walgreens flips for $8M
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 
Related switches gears on Terminal Island project, now plans low-rise offices
Related switches gears on Terminal Island project, now plans low-rise offices
arrow_forward_ios

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

Loading...