Las Olas Riverfront to be sold for $15M

The Las Olas Riverfront, the 245,000-square-foot Fort Lauderdale retail center, is in contract to be sold for $15 million to a group of investors including hotelier Dev Notwani and Canadian trader Michael Wekerle, the South Florida Business Journal reported. The half-vacant site, which hit the market last fall, had previously drawn interest from Stiles Realty after Boca Developers defaulted on its $205 million mezzanine loan from Cerberus Capital Management. The property was most recently assessed for $15 million, and the value of the mortgage when Cerberus foreclosed was $23 million. The 3.67-acre site has 1.3 million worth of development approvals. Boca gained control of the site in 2007 after buying out the stake of partner Michael Swerdlow, but never managed to get its mixed-use project off the ground. [SFBJ]