Related Group paid $8 million for a development site on Fort Lauderdale’s Las Olas Boulevard as it continues to bet on the city.
The Miami-based real estate developer bought the 0.35-acre parcel for $525 per square foot, marking the highest-priced land trade on Las Olas Boulevard, according to Cushman & Wakefield. Steelbridge, a Chicago and Miami-based private equity firm, sold the property.
Robert Given, Errol Blumer, Troy Ballard and Ricky Giles of Cushman & Wakefield represented the seller in the deal.
The site has flexible zoning and could be developed into a residential, retail, hotel and office project, according to a press release.
The property is one of the last remaining undeveloped single parcels in downtown Fort Lauderdale, with 70 feet of frontage along Las Olas Boulevard. It’s next to Steelbridge’s Las Olas Square, a Class A, 278,635-square-foot mixed-use property anchored by the 17-story SunTrust Center. It’s also next to Related’s 44-story Icon Las Olas, a 272-unit multifamily project.
Known for its condo towers in Miami, Related is expanding its presence in Fort Lauderdale.
In December, Related scored a $47.9 million construction loan to build its New River Yacht Club III project in downtown Fort Lauderdale. In Fort Lauderdale Beach, Related developed Auberge Beach Residences and Spa, a luxury condo project at 2200 North Ocean Boulevard.