Stands for sale

Bids sought for project in heart of downtown Fort Lauderdale

Ever wanted a lifeguard stand? Then this auction is perfect for you.

FORT LAUDERDALE — The city of Fort Lauderdale, which is seeking to capitalize on a surge in population in the central business district, is seeking a developer to convert the entire ground floor of its multi-level municipal parking garage downtown.

Dubbed the Riverwalk Center, the proposed project would entail commercial and retail space, along with space for private and public events.

“Were looking for a developer who can activate this space,” said Bradley Arendt, a Colliers International broker involved in the search. “There is certainly interest, for sure.”

He said the city has set an Oct. 15 bidding deadline.

Built in 1982, the garage now contains 8,290 square feet of retail, according to Colliers International, the real estate services firm under contract with the city to manage its real estate. During work weeks, the garage is used by private-sector employees at the 110 E. Broward Blvd. office building, as well as by students at Florida Atlantic University and Broward College on Las Olas Boulevard, and patrons of the main Broward County Public Library and various restaurant and retail destinations.

The multi-level structure is topped by a helipad, which over the years has been a landing spot for helicopters operated by public agencies and private companies.

But the most notable aspect of the garage’s location, analysts say, is the surge in neighboring development projects that are delivering new condos, apartment units and thousands of square feet of badly needed downtown office space. Retail rates have risen 43 percent since 2012, and vacancy rates are at “post-recession lows” of 3.4 percent, according to Colliers International.

“There are more than 3,000 residential units under construction within blocks of this property, creating an immediate audience for any new retail or commercial development at Riverwalk Center,” Arendt said.

According to the firm’s own estimates, the downtown population is expected to grow by more than 2.2 percent to 44,279 residents by 2023.

COLLIERS INTERNATIONAL/COURTESY The city of Fort Lauderdale is seeking a developer to convert the ground floor of its downtown parking garage into a retail center.