Aimco adds to Flagler Village dev site set for 3M sf mixed-use project

Aimco added another parcel to its Flagler Village development site slated for a 3 million-square-foot project.

Denver-based Aimco, through an affiliate, scooped up 1.7 acres of parking lots on the southeast corner of Northeast Ninth Street and Northeast Fifth Avenue in Fort Lauderdale. It bought the lots for $20 million from an entity tied to Raanan Katz’s RK Centers, according to records.

The purchase brings Aimco closer to completing a 9-acre assemblage where the real estate investment trust plans a mixed-use development that will have 1,500 apartments. In June, Aimco bought the 5.6-acre former Searstown Plaza at 901-927 North Federal Highway, which is adjacent to its latest property, for $64 million.  RK Centers also sold this property and is under contract to sell the remaining pieces of the development site.

The assemblage is north of another Aimco development site that it bought in a joint venture with New York-based Kushner Companies.  In January, the duo scooped up the 4.2-acre property at 200, 300 and 520 West Broward Boulevard for $49 million. The site has city approval for a four-tower complex with 1,300 apartments, office, retail and a hotel. Aimco paid $25 million for a 51 percentage stake in the property, according to an SEC filing.

Aimco, led by Wes Powell, also has been betting on Miami. In June, it paid $211 million for the 28-story, 296-unit Watermarc at Biscayne Bay at 2150 North Bayshore Drive in Edgewater.

Flagler Village, a former warehouse district in downtown Fort Lauderdale, has been redeveloped with new residential buildings and retail that has opened in retrofitted industrial properties.

More construction is on tap in Flagler Village. This month, Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for the 12-story Advantis Station apartment project. The 252-unit building will rise at 600-618 Northeast Third Avenue.