MIAMI—A Downtown Fort Lauderdale site just traded hands and a new hotel will rise from the dirt. The sale price: $1.9 million.
Berger Commercial Realty brokers Judy Dolan and St. George Guardabassi represented the Curtis T. Bell Trust in the sale to 315 Flagler, LP. The Flagler Village Hotel, a $25 million project managed by developer and hotel operator Dev Motwani, will be built there.
“Over the last few years, multiple redevelopment projects, rebranding campaigns and community grassroots efforts have resulted in Flagler Village becoming an attractive, avant-garde setting for Fort Lauderdale's young professionals,” says Guardabassi. “It's home to FAT Village, Peter Feldman Park, Mockingbird Trail, state-of-the-art condos and multiple in-progress developments that will further its transformation.”
Located from 315 to 333 Northwest 1st Avenue, the 24,000-square-foot site has four contiguous parcels, including a 4,100-square-foot office building and nearby parking lot. The site will be developed into a 195-room hotel with retail space, amenities and 100 parking spaces. When finished, the property will total nearly 200,000 square-feet.
“The site offers close proximity to the planned Brightline train station, formally known as All Aboard Florida, and the new Wave Street Car route, making it a prime site for redevelopment,” said Dolan. Flagler Village spans from Broward Boulevard to Sunrise Boulevard and from Federal Highway east to the FEC Railway.
Why so many new hotels in South Florida? We asked Suzanne Amaducci-Adams, the Real Estate & Hospitality practice group leader at Miami-based law firm Bilzin Sumberg,
“We have a number of luxury hotels in the area, such as the Edition, Ritz Carlton, Four Seasons and Mandarin Oriental,” Amaducci-Adams tells GlobeSt.com. “In the mid-priced range, we have the Sheraton's Four Points hotel which recently opened in Coral Gables, Hyatt Centric, AC Hotels, and Atton Brickell Miami, which will open in the Brickell Financial District this spring. And we have select service hotels such as the recently opened Hyatt Place near the airport. We can expect a flurry of hotel development in the pipeline given Miami's transformation into a global business and leisure destination.”
Did you know lenders are fighting over hotel capital? Check out my recent column.
MIAMI—A Downtown Fort Lauderdale site just traded hands and a new hotel will rise from the dirt. The sale price: $1.9 million.
Berger Commercial Realty brokers Judy Dolan and St. George Guardabassi represented the Curtis T. Bell Trust in the sale to 315 Flagler, LP. The Flagler Village Hotel, a $25 million project managed by developer and hotel operator Dev Motwani, will be built there.
“Over the last few years, multiple redevelopment projects, rebranding campaigns and community grassroots efforts have resulted in Flagler Village becoming an attractive, avant-garde setting for Fort Lauderdale's young professionals,” says Guardabassi. “It's home to FAT Village, Peter Feldman Park, Mockingbird Trail, state-of-the-art condos and multiple in-progress developments that will further its transformation.”
Located from 315 to 333 Northwest 1st Avenue, the 24,000-square-foot site has four contiguous parcels, including a 4,100-square-foot office building and nearby parking lot. The site will be developed into a 195-room hotel with retail space, amenities and 100 parking spaces. When finished, the property will total nearly 200,000 square-feet.
“The site offers close proximity to the planned Brightline train station, formally known as All Aboard Florida, and the new Wave Street Car route, making it a prime site for redevelopment,” said Dolan. Flagler Village spans from Broward Boulevard to Sunrise Boulevard and from Federal Highway east to the FEC Railway.
Why so many new hotels in South Florida? We asked Suzanne Amaducci-Adams, the Real Estate & Hospitality practice group leader at Miami-based law firm
“We have a number of luxury hotels in the area, such as the Edition, Ritz Carlton, Four Seasons and Mandarin Oriental,” Amaducci-Adams tells GlobeSt.com. “In the mid-priced range, we have the Sheraton's Four Points hotel which recently opened in Coral Gables, Hyatt Centric, AC Hotels, and Atton Brickell Miami, which will open in the Brickell Financial District this spring. And we have select service hotels such as the recently opened Hyatt Place near the airport. We can expect a flurry of hotel development in the pipeline given Miami's transformation into a global business and leisure destination.”
Did you know lenders are fighting over hotel capital? Check out my recent column.
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