Denver-based real estate developer AIMCO has acquired a 5.7-acre piece of property at 901 North Federal Highway in Flagler Village, Fort Lauderdale, the former Searstown site which once thrived as a retail anchor for the neighborhood, lasting 66 years in business. The previous owner, RK Associates, an affiliate of Sunny Isles Beach-based RK Centers led by Miami Heat co-owner Raanan Katz, sold the site for $64 million. The 155,760-square-foot retail space on-site is slated for demolition and redevelopment.
First reported by the South Florida Business Journal earlier this month, AIMCO is under contract for the entire 9-acre Sears property for $100 million, so more than half of the assemblage closed with the most recent deal. RK Centers had the site approved by city officials in January for 950 units, but AIMCO has much bigger plans. The developer has a 3-million-square-foot mixed-use project in the works, which is likely to become a joint venture with another developer, much like the residential project with Kushner Companies over on West Broward Boulevard.
901 North Federal Highway. Photo from Google Maps.
The 9-acre development site is generally located on the northeast corner of Flagler Village, bordering the Lake Ridge, Victoria Park, and South Middle River neighborhoods. The 5.7-acre parcel is primarily located between North Federal Highway and North Flagler Drive, with Northeast 9th Street to the south and East Sunrise Boulevard to the north. The remaining 3.3-acres that have yet to close are a handful of lots across the street aligned on the south side of Northeast 9th Street between Northeast 4th and 5th Avenues, and Northeast 5th Terrace.
901 North Federal Highway. Photo from Google Maps.
901 North Federal Highway. Photo from Google Maps.
901 North Federal Highway. Photo from Google Maps.
901 North Federal Highway. Photo from Google Maps.
The 950 units approved by the city entailed the initial 7.5-acres of land that RK Centers owned since 1987. An additional 1.5-acres was added to the assemblage following the approvals, so upon closing, AIMCO will likely need to resubmit plans factoring in the additional lot area.
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