Mixed Use Development

823 N Andrews Ave, Fort Lauderdale, FL 33311, USA
$6,185,120

Description

Marcus & Millichap is pleased to present for sale this mixed-use redevelopment opportunity in Fort Lauderdale, Florida.​ The property benefits from the 324,739 residents and an average household income $83,290 within a 5-mile radius with an expected 4% population growth by 2025.​
The subject property lies within the Northwest Regional Activity Center Master Plan (NWRAC),a city redevelopment initiative with the goal of creating a dynamic urban area with both daytime and evening activities.​ The favorable zoning, NWRAC-MUne, permits a developer to build up to a height of 120 feet.​
The city’s rezoning will revitalize the area from a relatively under-utilized resource to a bicycle and pedestrian-friendly urban corridor that offers a mix of uses to serve nearby neighborhoods and bring the corridor back to the vibrant and thriving business, shopping, cultural and entertainment area that it once was.​
Within the Northwest Regional Activity Center there are 3,291 residential units, 373,400 square feet of office, 132,332 square feet or restaurant/retail space and 137 hotel rooms under construction as of May 2021.​ In addition, the city has approved another 5,058 residential units, 551,223 square feet of office space, 211,674 square feet of restaurant/retail space and 297 hotel rooms with more projects currently in review for approval.​
The subject property consists of two adjoining parcels totaling 0.71-acre.​ It is located one block south of Sunrise Boulevard, a main retail corridor, generating a traffic count of 53,500 vehicles per day with numerous National and Regional retailers including ALDI, Walgreens, Dunkin’, McDonald’s, Home Depot, Circle K, among others.​ The property is well positioned to provide its tenants with many local attractions and amenities including ease of access to highways and public transportation, easily walkable parks, and many restaurants.​

  • Value-Add Development Opportunity Located in Designated Opportunity Zone
  • ​Zoning Permits New Development to a Height of 120 Feet
  • ​ Expanding Population| Population Projected to Grow 4% by 2025 in a One-Mile Radius
  • ​ Dense Infill Location | Population of 324,150 within Five-Mile Radius
  • ​One Mile from Holiday Park | 94 Acre Community Park Offering Sporting Fields, Courts, Rinks, Picnic Space, and a Recreational Center
  • ​ Under One Mile from Brightline Station and 3.4 Miles from Fort Lauderdale Tri-Rail Station
  • ​1.5 Miles from Entrance to Interstate 95 | 306,000 Vehicles Per Day
  • ​ Above Average Household Income Exceeding $99,980 in a Five-Mile Radius
  • ​ Multiple Grocery Stores and Many Other Amenities in Close Proximity
  • ​ Florida is a “No Income Tax State

Property Documents

  • Land-Fort-Lauderdale-FL-om-ib
  • City: Fort Lauderdale
  • State/county: Florida
  • Zip/Postal Code: 33311
  • Country: United States

Detail

  • Price: $6,185,120

Additional details

  • CAP RATE: -

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