Is This A Record For Non-Oceanfront Land?
In what ARA Newmark is calling a new record for land pricing per unit on non-oceanfront land in South Florida, a .63-acre development site in Fort Lauderdale, FL just traded hands. The sale price: $10 million, or just over 454,000 per unit.
ARA Newmark’s South Florida Land Division senior managing director Troy Ballard served as lead advisor for the seller Jeremy Bedzow and Grand Birch. ARA executive managing director Avery Klann and vice chairman Marc deBaptiste supported Bedzow in the deal.
“This kind of pricing is usually reserved for oceanfront sites,” says Ballard. “This transaction simply supports what an extraordinary site this is, and the high quality development that is forthcoming.”
The waterfront development site sits at 321 North Birch Road in Fort Lauderdale. The site has over 200 feet of frontage on the Intracoastal Waterway and is steps from the beach and the Atlantic Ocean. The site is approved for an 11-story, 22-unit condominium project, as well as a marina with four 70 foot boat slips.
The area surrounding the site is seeing a renaissance with recent sales or capital improvement programs contemplated for several luxury hotels in the area.
“The W, Ritz Carlton, the Conrad and the recently announced Four Seasons are all within walking distance,” Ballard says. “These brands choose only the best locations.”
Source: GlobeSt.
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