Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, the AIDS Healthcare Foundation, in the sale of 2.15 acres including 10 condos at Villa Tuscany, located at 409 SE 8th Street in Fort Lauderdale.
The buyer, Salt Air 20 Townhouses, LLC and Salt Air 20 Development, LLC, led by Robert Given, Al and Nelson Fernandez, paid $15,250,000 for the property.
The deal closed March 28.
The property is located in downtown Fort Lauderdale, just south of the New River. Zoning is high density RAC-CC which allows for office and multifamily development. The immediate area has undergone tremendous growth in the past 5 years with multiple large-scale projects announced or underway. A portion of site was previously used for overflow parking for AHFs headquarters located next door but has subsequently been enlarged with other purchases by AHF for a planned multifamily development that did not occur due to zoning issues.
“Multiple large land sale transactions have occurred in the immediate area in the last 2 years,” explained Hyatt. “The Salt Air group plans to develop a multifamily project on the site. They recognized the value of the site as being contiguous to the 3 block site purchased by internationally known OKO Group for $63 million in June of 2020 and their plans for a world class multi phased mixed use development just south of the tunnel.”
The transaction marks the fifth Hyatt has executed for the Foundation between Fort Lauderdale and Miami Dade County.
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