Mar 6 2015 5735 1MAR 05 2015 0231 PM EST Art Institute Investment Sells Most Of Fort Lauderdale Camp

Mar 6 2015 5735 1MAR 05 2015 0231 PM EST Art Institute Investment Sells Most Of Fort Lauderdale Camp

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Brian BandellSenior ReporterSouth Florida Business JournalMost of the Art Institute of Fort Lauderdale's main campus was sold to a developer who plans to build a mixed-use project.Art Institute Investment LLC, managed by Robert Joseph Roschman, sold 4.3 acres of the 6.2-acre property at 1799 S.E. 17th Street for $22.1 million to Harbor Beach Investors, an affiliate of Invesco Real Estate and Alliance Residential. The entire property last traded for $25 million in 2005. The property was formerly the home of the Ocean World marine park, which closed in 1994. The part that didn't sell is leased to the Art Institute of Fort Lauderdale, which is not affiliated with Art Institute Investment.Berger Commercial Realty Senior VP Steve Hyatt represented the buyers.Invesco and Alliance plan to build Broadstone Harbor Beach there. It secured approval for 394 residential units, 7,671 square feet of restaurant/retail/bank/office, maintaining the 75,428-square-foot trade school and 15 boat slips. It would have 1,197 parking spaces in two garages.Wells Fargo Bank provided a $66.5 million construction mortgage to the developers.Hyatt said the developer plans to break ground on the eight-story apartment project during the second quarter. Amenities will include a club room, pool, putting green and fitness center."Near the beach, shops, restaurants and more, this site is the perfect location for the Broadstone Harbor Beach apartment project that Alliance has planned," Hyatt said.The city approved the developer's plan to reduce the usual parking requirements for the project because it would contain mixed uses that have peak demands at different hours.Another company is also looking to build residential on the Art Institute's dorm property at 1055 N. Federal Highway.

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Phone: 954-471-8120
Dated: March 6th 2015
Views: 273
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