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FORT LAUDERDALE, FL-Miami-based Simmons Vedder & Co. has acquired an approximately one-acre site at 100 East Las Olas Blvd. with plans to develop a high-rise mixed-use development with office, hotel and retail space.

Simmons Vedder acquired the property from New York City-based Tarragon Corp. CB Richard Ellis EVP Robert Given, along with his team consisting of Dick Levinson, Gerard Yetming, Zachary Sackley and Christian Lee, were brokers in the land sale.

The site is adjacent to and overlooks Huizenga Park and the River Walk on the New River and is one of the land developable sites on Las Olas Blvd. It is located between First and Second avenues and has more than 270 feet of frontage on Las Olas and a mix of retail, restaurant, entertainment, hospitality and commercial uses. Simmons Vedder is planning to submit plans to city officials by the end of the year for the project and has not determined how much square footage each component of the project will have.

“This is arguably the best remaining development site in Downtown Fort Lauderdale,” Simmons Vedder managing partner Justin Toal tells GlobeSt.com. “It’s at the main and main of Downtown.”

Simmons Vedder plans to begin construction once approvals have been secured. The building’s design will incorporate both hurricane-resistant technology and criteria for LEED certification.

Given tells GlobeSt.com that the deal has been a year in the works. Tarragon had originally anticipated doing a joint venture with Simmons Vedder on the project, but decided to sell the land after a dramatic drop in the company’s stock price earlier this year. “Tarragon decided in late August to sell the property outright because of its liquidity crunch,” he says.

Simmons Vedder’s plans reflect a change from what Tarragon had planned for the site. “The previous owner had contemplated a residential tower,” Given says. “However, with the market dynamics changing and the market fundamentals for Downtown Fort Lauderdale continuing to improve, particularly in the Las Olas corridor, the site provided an outstanding class A+ mixed-use development opportunity to complement Downtown’s future growth plans.”

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