Fort Lauderdale site of planned Riverparc Square sells

Riverparc Square will have 790 residential units, hotel rooms, retail and office space

Sep.September 25, 2019 09:45 AM
501 South Andrews Avenue and a rendering of Riverparc Square

501 South Andrews Avenue and a rendering of Riverparc Square

A downtown Fort Lauderdale office building that is the site for the planned mixed-use project, Riverparc Square, sold for $16.3 million.

Ocita Properties, led by Richard Kronrad and Martin Sutker, sold the 65,643-square-foot office building at 501 South Andrews Avenue for $252 per square foot, records show. The buyer is a Delaware company, 501 South Andrews LLC.

In September 2018, Fort Lauderdale approved Riverparc Square, for the site. The mixed-use project will include three towers — two with 43 stories and one with 36 stories — with 790 residential units, hotel rooms, retail and office space. It is being developed by an entity led by Kevin Reilly.

Ross Manella, an attorney with Hinshaw & Culbertson who represents Ocita Properties, declined to comment on the sale. Steven Landy of Greenberg Traurig, who represents 501 South Andrews LLC, also declined to comment on the sale and could not disclose the true buyer.

Records show that Ocita Properties last week also sold a neighboring parking lot at 420 South Andrews Avenue for $5 million to a Delaware company that is managed by Landy, which likely means the two properties were purchased by the same buyer.

The South Florida Business Journal first reported the news.

Downtown Fort Lauderdale is seeing a large influx of new construction. Ram Realty Advisors is planning to build a mixed-use project on the northwest corner of Federal Highway and Southeast 17th Street. The project includes a 49,000-square-foot Whole Foods, 243 apartments and a 668-space parking garage.

According to a report released by the Fort Lauderdale Downtown Development Authority earlier this year, the average rent per month for a one-bedroom apartment in downtown Fort Lauderdale increased by $200 between 2013 and 2018 to $1,954.

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