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.

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.

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.