Former Riverbend 17-Acre Parcel Goes On The Block

A lender is selling a 17-acre Fort Lauderdale parcel that was expected to be part of a massive mixed-use development that never materialized.
BB&T is asking $13.9 million for the Riverbend land on the north side of Broward Boulevard, just west of Interstate 95. The property once was owned by a company controlled by developers George Rahael and Charlie Ladd.
Riverbend Corporate Park, of Fort Lauderdale, bought the tract in 2003 for $6.45 million, but BB&T repossessed it in July of this year, property records show.
In September 2008, Rahael and Ladd announced plans for Riverbend, which they hoped eventually would include 3.3 million square feet of offices, up to 800,000 square feet of retail, 1,200 condominiums and apartments and 500 hotel rooms.
At the time, real estate observers were skeptical, citing the nation’s financial crisis and a lack of demand for residential and retail in a mostly-industrial area.
Source:  Sun-Sentinel



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