HFF marketed the oceanfront site on behalf of FortuneInternational and the Ireland family/Fairwinds--which have retaineda partnership interest in the new venture and will be involved inthe eventual development of the site--pursuant to an agreement withan existing lender.

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In 2008, the partnership which owned the site, located aboutfour miles northeast of downtown Fort Lauderdale, got tentativeapproval to develop Fairwinds on the Ocean, a five-star complexwith an 165-room hotel and 128 condominiums. In 2006, thepartnership had reportedly been negotiating with the Ritz Carltonand the Mandarin Oriental.

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The site, which today is entitled for the development of up to622,178 square feet of residential, hotel and retail uses,according to HFF, has beachfront access because it is on the eastside of AIA, the road closest to the ocean. Most of the hotels inthe area are on the west side of the beach.

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Today, the property, where Ireland's Inn Beachfront Resort onceoperated, is fenced in and vacant. At the resort complex, severalbuildings had been torn down because of damage from Hurricane Wilmain 2005, and the entire complex has been closed for severalyears.

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Development on Fort Lauderdale beach has stalled as it has allover South Florida. In March, a mortgage holder filed to take backthe 298-unit Trump International Hotel & Tower, also on FortLauderdale beach, according to an April 4, 2010 article in theFort Lauderdale Sun-Sentinel.

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