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Construction is Underway at Elan 16Forty in Fort Lauderdale

http://www.exmiami.org/index.php/construction-underway-elan-16forty-fort-lauderdale/

A 261-unit apartment complex called Elan 16Forty is under construction at 1640 E. Sunrise Boulevard in Fort Lauderdale. The project was formerly known as Paseo Del Mar.

Developer Greystone received a $41 million construction loan from Wells Fargo in July. the complex was designed by Miami architect Jenifer Briley using New Urbanism principles, and also features a small amount of retail.

http://www.dangelorealty.com/new-developments-condos/elan-16forty.htm

 

South Florida population grows to 5.8 million

By Dana Williams, SunSentinel

March 27, 2014
A steady flow of overseas migration helped push South Florida's population up 4.4 percent between 2010 and 2013, the Census Bureau reported Thursday.

The region had an estimated 5.8 million residents in 2013, allowing it to remain the nation's eighth-largest metropolitan area. Here's the breakdown:

Broward County had 1.84 million residents, compared with 1.75 million in 2010. The biggest driver was international immigration, which accounted for 39,565 new residents. Domestic migration added 25,965 while natural population increase (the number of births minus deaths) boosted it by 20,026.

Read More at:
http://www.sun-sentinel.com/fl-census-population-estimates-2013-20140327,0,6663925.story

 


Lighthouse Point is Broward’s top buyers market: Zillow
March 28, 2014

City has wide range of inventory, from middle-class homes to mansions

Upscale Lighthouse Point is giving Broward County home buyers the most bang for their buck these days.

The northeast Broward city topped Zillow.com’s list of the county’s best markets for buyers, according to the Sun-Sentinel. Homes in Lighthouse Point linger on the market for an average of 138 days. That is a longer time period than any other Broward market.

Lighthouse Point has a wide variety of residential inventory, with some single-family residences priced around $300,000 and waterfront mansions that sell for millions of dollars.

Deerfield Beach and Hallandale Beach ranked second and third on Zillow’s list. The county’s top sellers markets are currently Pembroke Pines, Miramar and Cooper City. [Sun-Sentinel] — Eric Kalis

http://therealdeal.com/miami/blog/2014/03/28/lighthouse-point-currently-browards-top-buyers-market-zillow/

 

Updated: March 28, 2014 12:27pm ET

Land Grab: Prime Broward Tract Sells


FT LAUDERDALE—Land is selling in South Florida as the construction boom continues—and it’s not all in Downtown Miami or Biscayne Boulevard. The 17.34-acre Riverbend commercial land tract in Fort Lauderdale, FL has traded for $5.9 million.

Drew A. Kristol and Kirk D. Olson, vice presidents of investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property for the seller, a limited liability company from Sunrise, FL. The duo also represented the buyer, a limited liability company from Fort Lauderdale.

“This was a rare opportunity to own a core commercial development opportunity in the heart of Fort Lauderdale on Broward Boulevard, just west of the Interstate 95 on ramp,” says Kristol. “The previous owner invested in all utilities and site improvements for development based on the current approved site plan. The buyer plans to re-position the asset over time after working with the city and county to create an appropriate and redevelopment strategy.”

Zoned B-1 commercial, the site is approved for up to 180,000 square feet of office space and 71,000 square feet of retail. The property is located minutes north of the Fort Lauderdale/Hollywood International airport and east of Downtown Fort Lauderdale. The address is 2201-2307 West Broward Boulevard in Fort Lauderdale.

Be sure to visit GlobeSt.com's NEW Sectors-to-Watch page for in-depth looks on the Hotels, Industrial, Multifamily, Office, Retail, Student Housing, Net Lease and Healthcare Real Estate markets.

 


Las Olas Centre sells for $204M
Deutsche Bank division acquires Fort Lauderdale office complex

March 25, 2014 09:45AM
By Eric Kalis

USAA Real Estate completed the $204 million sale of the Las Olas Centre in Fort Lauderdale, The Real Deal has learned.

The real estate arm of San Antonio insurance firm paid $170 million for the nearly 470,000-square-foot office complex at 350 and 450 East Las Olas Boulevard in September 2010, according to Broward County records. USAA sold the complex to RAR2 – Las Olas Centre. Broward County recorded the transaction Monday.

RAR2 is managed by RREEF America, the real estate investment business of Deutsche Bank’s Asset Management division. The company assumed an existing loan from Wells Fargo Bank with a current balance of $57.2 million as part of the transaction.

The latest sale price falls short of the $231 million Los Angeles-based BentleyForbes paid for Las Olas Centre in 2007. That transaction set sale price and price per square foot records for the Fort Lauderdale office market. BentleyForbes eventually turned the property over to Wells Fargo to avoid losing it through foreclosure.

Current tenants at Las Olas Centre include Bank of America, JPMorgan Chase, Morgan Stanley and Wells Fargo Bank.

http://therealdeal.com/miami/blog/2014/03/25/las-olas-centre-sells-for-204m/

 

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2 Bedrooms / 2 Baths / 1 Half Bath
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Broward home, condo prices rise again

Sales velocity expected to slow down throughout year, however

March 20, 2014 10:30AM

Single-family home and condo prices in Broward County substantially increased last month.

The latest figures from Greater Fort Lauderdale Realtors shows the year-over-year median price of a single-family residence in Broward rose 12.3 percent to $255,000 in February, the Miami Herald reported. Condo and townhouse prices jumped 38.1 percent to $121,500 during the same span.

Broward had 979 single-family sales, a year-over-year increase of 1 percent, in February. Condo sales dropped 5.9 percent to 1,172, however.

Even as inventory levels rise, sales velocity is expected to slow down this year. Steadily rising home and condo prices and elevated interest rates are hindering the affordability of Broward residences. [Miami Herald]Eric Kalis

http://therealdeal.com/miami/blog/2014/03/20/broward-home-condo-prices-rise-again/

 

Hilton Fort Lauderdale gives way to runway

The 388-room property expected to be torn down in April
March 20, 2014 04:30PM

The Hilton Fort Lauderdale Airport hotel will soon make way for a new south runway at the airport.

The 388-room property, which is located at 1870 Griffin Road near Interstate 95, will close permanently March 31 and will be demolished soon after, according to the Sun-Sentinel.

The loss of the hotel comes as a blow to Broward County’s dwindling hotel inventory. The county had 33,294 available hotel and motel units in 2012, versus 34,976 in 2011, according to data from the Greater Fort Lauderdale Convention & Visitors Bureau. [Sun-Sentinel] Christopher Cameron

http://therealdeal.com/miami/blog/2014/03/20/hilton-fort-lauderdale-to-make-way-for-runway/

 

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