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Brooklyn-based JV scoops up downtown Fort Lauderdale dev site
Plans call for multifamily mixed-use tower
A joint venture of two Brooklyn-based firms plans a multifamily, mixed-use tower in downtown Fort Lauderdale.
Heights Advisors and Legacy Partners bought the development site, a roughly 1-acre parking lot at 111 Southwest Third Avenue for $6.7 million, according to the broker’s press release.
Heights Advisors, based in Brooklyn, paid $7.8 million for the next-door retail buildings on nearly an acre. Tenants include Poorhouse, Booze Garden and Sway nightclub. The retail buildings are at 100 and 110 Southwest Third Avenue as well as at 109 and 111 Southwest Second Avenue.
Although Heights Advisors has no immediate redevelopment plans for the retail property, it could be built out in the coming decades, according to Bradley Arendt, one of the Colliers brokers who worked on the deal.
Arendt worked with Mika Mattingly of Colliers, representing both sides of the deals.
Seller 111 Property Group, based in Chicago, ties to GB Property Management, according to state corporate records.
Real estate investment firm Legacy Partners is family owned, according to the release. Heights Advisors is a community real estate developer and investment manager that has led more than $1 billion in real estate deals as the direct developer. Heights also has led over $1.5 billion in real estate projects.
The downtown Fort Lauderdale properties are steps south of the Brightline passenger train’s station in Fort Lauderdale and also near The Performing Arts Center and The Museum of Science.
Downtown Fort Lauderdale has seen a wave of new projects in recent years, including the massive Main Las Olas mixed-use complex.
In one of the newest projects, developers Scott Bodenweber and Tom Vogel earlier this year completed the 260-unit 4 West Las Olas riverfront rental building. In October, they scored $92 million in bridge financing for the tower.