Midtown Capital Partners and Prospect Real Estate Group are making their second bet on Flagler Village’s multifamily market.
The developers plan to build a 173-unit project with roughly 4,000 square feet of retail on the northwest corner of the Florida East Coast Railway tracks and Sistrunk Boulevard in Fort Lauderdale, Midtown’s Zach Fox said. Midtown and Prospect paid $9.4 million for the 1.3-acre development site at 4 Northwest Seventh Street.
Levy Ft Lauderdale Holding, led by Joshua Levy, sold the site that now is an automotive junkyard, records show. The entity had paid $600,000 for the property in 2011.
Jaime Sturgis and Dan Ross of Native Realty represented Levy Ft Lauderdale in the latest deal that closed on Tuesday.
Midtown and Prospect plan a 12-story building with units ranging from studios to three-bedroom apartments, as well as live-work units, Fox said. Construction is expected to start early next year, with completion slated for late 2024.
Less than three months ago, Midtown and Prospect scored a $64.5 million construction loan for their first joint Flagler Village apartment project.
They are building the 12-story, 252-unit Advantis Station at 600-618 Northeast Third Avenue, less than a half-mile walk from their new project. Construction of Advantis Station is expected to be completed in the fall of 2024.
Midtown, a Miami-based real estate investment and management firm founded in 2010, has spent more than $500 million in purchases over the past five years, according to its website. Led by CEO Alejandro Velez, the firm also has a real estate arm in Spain.
In January, Midtown paid $37 million for Vista Business Park in West Palm Beach. The office and industrial campus is at 2253, 2255, and 2257 Vista Parkway, as well as at 6903, 6917, and 6931 Vista Parkway North.
The firm also owns the four-story building at 1700 North University Drive in the Plantation Pointe business park. It paid $78 million for the property last year.
Prospect, based in DeLand, Fla., is a real estate investment and development company led by Michele Zahn and Richard Zahn Sr. It paid $11 million for Advantis Station’s Flagler Village development site in April.
Over the past couple of years, Flagler Village has caught developers’ attention. Miki Naftali’s Naftali Group paid $20 million in May for almost a full-acre development site at 201 North Federal Highway.
Developers Steven Hudson and Charles Ladd Jr. scored approval from the city of Fort Lauderdale in August for their 30-story, 320-unit Flagler Residences South at 513-517 Northeast Sixth Street. It will be their first of two planned apartment towers in Flagler Village.