Flagler Village Opportunity Zone dev site hits market for $31M

Full city block allows for 120-foot tall mixed-use project

The assemblage in Flagler Village 
The assemblage in Flagler Village

A developable city block in an Opportunity Zone in Fort Lauderdale’s trendy Flagler Village hit the market with an asking price of $30.8 million.

The 3.5-acre site allows for an up to 120-foot tall project, which is roughly 11 stories, of either apartments or condominiums with ground-floor commercial uses, according to one of the listing agents.

Ronnie Issenberg and Gabriel Britti are part of the Marcus & Millichap team listing the property on behalf of the sellers.

The assemblage is from North Andrews Avenue west to Northwest First Avenue, and between Northwest Eighth and Ninth streets in Fort Lauderdale. The five owners of the 15 parcels, now home to small commercial buildings, came to an agreement to sell.

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A trust with Jean and Wayne Shallenberger as trustees owns a mixed-use commercial building and three vacant adjacent parcels; BDM Ventures Florida owns three apartment buildings with 16 units; the Lunde Family Revocable Living Trust, with Matthew and Sabrina Lunde as co-trustees, owns the auto shop and two vacant parcels; Neal Mitchell also owns auto uses; and Alfa Investments also owns an eight-unit multifamily building, property records show.

The asking price breaks down to $8.8 million per acre.

The Opportunity Zone site opens up creative opportunities to obtain development financing. Under Opportunity Zone legislation, investors who put their capital gains into an Opportunity Zone project can defer paying taxes on these capital gains.

Flagler Village, once an overlooked residential area riddled with closed warehouses, has experienced a resurgence in recent years, with new development as well as homegrown retailers opening in retrofitted industrial properties.

Among the developers who have set their sights on Flagler Village are Driftwood Acquisitions & Development and Merrimac Ventures. They are developing a 218-key Home 2/Tru by Hilton at 315-333 Northwest 1st Avenue, after raising $24 million for the project through an Opportunity Zone fund.

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