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MIAMI-Terremark Worldwide Inc. has signed a binding agreement to sell the development rights on the proposed 2.1-acre, 22-story Fortune House luxury condominium-hotel project in Fort Lauderdale for $17.2 million or $8.19 million per acre to Miami-based Billden Inc.

The Miami-based provider of Internet infrastructure and managed services expects to close later this month at $188 per sf on the sale of the 90,000 sf, beachfront development site.

Miami-based Billden, an Xavier Hawley company, acquired the rights on a 22-story, 278-unit luxury condo-hotel project. On its Internet site, the Greater Fort Lauderdale Chamber of Commerce says it anticipated construction to begin in December with completion in 2003.

Besides his affiliation with Billden, Hawley manages Aventura, FL-based Billden Advertising Inc. and is a partner with Gilbert Benhamou in Aventura-based Signature Developers of South Florida Inc.

The divesture is part of a company strategy to transition into a provider of Internet infrastructure and managed services from a full-service commercial real estate company.

“This sale follows Terremark’s plan to exit lines of business not directly related to the company’s core strategy of deploying TerreNAP Data Centers in emerging markets,” Manuel D. Medina, Terremark chairman and chief executive officer, says in a prepared statement.

Just recently, the Miami company officially switched on the NAP of the Americas, a subsidiary operation that operates the fifth tier-one Internet network access point ever developed. The subsidiary now provides a high-speed exchange point for tier-one Internet service providers through facilities established in Terremark’s 740,000-sf Technology Center of the Americas.

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