Downtown Fort Lauderdale dev site hits market for $12.5M

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July 21, 2020
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As reported in The Real Deal.

A development site sandwiched between Fort Lauderdale’s Flagler Village and the New River hit the market for $12.5 million.

The property at 150 North Federal Highway includes a two-story 9,653-square-foot office building that was built in 1985.

Property records show 150 North Federal LLC, managed by attorneys Connis O. Brown III and Seth P. Robert of Brown Robert LLP, owns the 0.78-acre site. It last sold for $1.3 million in 2004.

Sturgis said the site is one of the last undeveloped properties at the gateway to downtown Fort Lauderdale. Earlier this year, he listed a Flagler Village assemblage on Northeast Third Avenue and Northeast Sixth Street for $8 million.

In June, billionaire Vlad Doronin’s company OKO Group assembled and closed on three blocks of land totaling 6.7 acres for nearly $63 million, just south of the New River and Las Olas Boulevard.

Last fall, Kushner Companies purchased a 4.2-acre assemblage across the street from the Virgin Trains station for $49 million, where Kushner is planning a mixed-use project.

Even during the pandemic, an office tower in downtown Fort Lauderdale sold for $82.5 million, marking one of the largest commercial real estate deals in South Florida since March