Berger Commercial Realty Senior Vice President Steve Hyatt represented Alliance Residential Company in the $22.1 million purchase of 4.26 acres of land, located at 1701 S.E. 17th St., from Art Institute Investments, LLC. The property is the former site of Ocean World, a marine park and tourist attraction that closed in 1994.
Alliance plans to develop a 394-unit apartment complex, named Broadstone Harbor Beach, on the site. Plans for the complex include eight stories of apartment units; high-end amenities such as a club room, pool, putting green and a state-of-the-art fitness center; 2,700 square-feet of retail space; and a 4,600-square-foot retail outparcel.
A groundbreaking is scheduled for the second quarter of 2015.
Headquartered in Phoenix with a regional office in Boca Raton, Alliance is one of the largest private multi-family development companies in the United States, purchasing real estate, developing projects and managing properties in 19 states and 29 metropolitan markets throughout the country.
“This deal was two-and-half years in the making,” Hyatt said. “Ocean World was an old Fort Lauderdale attraction and this land has a storied history. I can still remember going to the aquarium’s dolphin show on a school field trip.”
He added, “Near the beach, shops, restaurants and more, this site is the perfect location for the Broadstone Harbor Beach apartment project that Alliance has planned.”
Hyatt was recently named the firm’s Broker of the Year for 2014.
Hyatt closed more than $21.4 million worth of transactions last year, totaling more than 219,228 square feet across a range of commercial real estate sectors including office, retail, industrial and multi-family.
Notable deals that Hyatt closed in 2014 include the $4.5 million sale of a highly sought-after South Beach retail property and the $2 million sale of a 24,000-square-foot office building in Fort Lauderdale for the AIDS Healthcare Foundation; the $3.65 million purchase of a Fort Lauderdale site that will house the sales department of a MINI Cooper car dealership for Holman Automotive Group; and the 47,000-square-foot lease of flex space at 1700 Eller Drive in Hollywood for Enterprise Rent-A-Car, which is utilizing the property for administrative offices, supplementary off-airport parking and as a maintenance facility.
Hyatt’s focus areas include investment sales, land brokerage, and acquisition/disposition services for both corporate clients and private investors. A native of South Florida, Hyatt has more than 30 years of experience in commercial real estate and has executive-level contacts in the real estate, banking and automotive industries.
His experience includes the acquisition and disposition of more than 175 automobile dealerships in 17 states on behalf of AutoNation, Inc., a NYSE and Fortune 500 retailer. Utilizing his automotive background and expertise, Hyatt has worked with numerous automotive retailers and manufacturers across the country to meet their real estate needs. In addition to Holman Automotive Group, he also has represented Audi Fort Lauderdale, Audi Coral Springs and the Phil Smith Automotive Group, as well as several national automotive clients.
A multi-year recipient of the CoStar Power Broker awards, Hyatt is a member and past board member of the South Florida Chapter of NAIOP, a member of Leadership Broward Class XIII, and a past board member of the Community Foundation of Broward and the Jack & Jill Children’s Center. Hyatt is a graduate of Wake Forest University in Winston-Salem, North Carolina and is a member of the school’s National Alumni Council. He is a resident of Fort Lauderdale.
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