The Lauderdale Lakes City Commission agreed to negotiate the sale of a 23-acre parcel in the city to Miami-based American Land Ventures for a mixed-use development.
The 23-acre parcel on the southern side of Oakland Park Boulevard at Northwest 31 Avenue is the largest vacant site in Lauderdale Lakes.
The city’s Community Redevelopment Agency bought the parcel in 2010 for $5.7 million. Jason Robertson, vice president of development at American Land Ventures, told the SunSentinel the value of the 23-acre parcel is between $7.5 million and $8 million. The city will get an appraisal done as negotiations proceed.
Robertson told the SunSentinel that American Land Ventures would build a $100 million development there with a mix of rental apartments, retail stores, restaurants and commercial buildings.
Among other projects, American Land Ventures has developed the New River Village along the Riverwalk park in Fort Lauderdale.
“We’ve blurred the lines between public space and private space so everybody can enjoy the Riverwalk,” Robertson said told the SunSentinel.
Three other companies besides American Land Ventures submitted proposals to develop the vacant parcel in Lauderdale Lakes. If the city fails to negotiate an agreement with American Land Ventures, it would start to negotiate with the second-ranked proposal, a joint venture between Lawrence Wright Luxury Development and GreenField Companies LLC. A development proposal by ImmoCorp Capital was ranked third by the city commission, and one by BH Investments US LLC was ranked fourth.
Source: The Real Deal
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