Assemblage in downtown Fort Lauderdale selling for $12M

Site could be developed into a mixed-use project with more than 300 multifamily units

Sep.September 26, 2019 04:30 PM
From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

An investor is assembling land south of Las Olas Boulevard in downtown Fort Lauderdale for $12 million, with long-term plans to develop the 1.1-acre site.

For the first parcel, property records show that Fort Lauderdale Land LLC, led by Ray F. Ferraro Jr., sold the lot at 216 Southeast Sixth Street to 625 SE 3rd Avenue LLC for $3.75 million. Ferraro is a former president of Nova Southeastern University and the Florida Bar.

Separately, an affiliate of MVP Realty Advisors in Las Vegas sold the 32,750-square-foot assemblage of lots at 625 Southeast Third Avenue for $6.1 million to the same buyer. The Delaware LLC also has 601 Southeast Third Avenue under contract for about $2.2 million. It is expected to close within 30 days, according to Ryan T. Shaw of Marcus & Millichap.

Edward Romo, Shaw and Scott C. Sandelin of Marcus & Millichap represented two of the sellers, and they also represented the buyer. The brokerage declined to comment on the buyer’s identity.

In all, the buyer will pay about $12 million for the properties, which are next to the 110 Tower, a 30-story office building on Sixth Street. The assemblage is also across the street from the Broward County Courthouse.

Shaw said the buyer plans to develop the site in the long term, after the market for the area south of the river matures. The property is zoned RAC-CC, which Shaw said is the highest zoning in Fort Lauderdale. A developer could build a mixed-use project, with between 300 and 400 multifamily units, office and more.

Romo said in a release that the buyer is banking on development shifting south, where other projects are planned.

In April, developer Dev Motwani won city approval for a 34-story, 246-unit apartment building at 629 Southeast Fifth Avenue, called 629 Residences.

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