Vacant Fort Lauderdale lot for sale

Broward Boulevard parcel purchased for $10.53M in 2004

FORT LAUDERDALE — An investment group said Wednesday it plans to sell a vacant parcel in downtown Fort Lauderdale that could bring offices, residences or a hotel to the area.

Broward GP LLC paid $10.53 million for the 1.24-acre site at 121 E. Broward Blvd. in 2004, property records show.

There is no asking price. David Duckworth, a broker for Avison Young who’s listing the property, said the group has fielded a few offers.

“They just haven’t found that right deal yet,” he said. “But it’s a really dynamic site.”

Duckworth said the property is zoned for a building up to 500 feet and could accommodate a development of about 500,000 square feet, including 400 or 500 residential units. A hotel and ground-floor retail also could be in the mix.

He said the group bought the property as an investment and hired Avison Young this summer to help market it as development momentum builds in the downtown.

The property is within two blocks of the new Brightline commuter rail station expected to open late in the year. Thousands of apartments and rentals have opened nearby in recent years.

Office developers also are moving forward with plans that have been dormant since the Great Recession. Downtown Fort Lauderdale’s office vacancy rate is less than 10 percent due to recent business expansion, according to a second quarter report from Avison Young.

Tom Capocefalo, senior managing director for the Savills Studley brokerage, said the redevelopment of the Las Olas Riverfront will be an integral part of the downtown’s renaissance.

Property Markets Group plans to build 1,200 apartments and 40,000 square feet of shops and restaurants on the site west of Andrews Avenue overlooking the New River.

The project is expected to be built in two phases over seven to eight years.

“Once that starts, it’s going to be a neat twist for the city,” Capocefalo said.