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FATcity Land in Fort Lauderdale for Sale

Avison Young to Market the 2.7-Acre Site
March 2, 2018
FATcity is a mixed-use development planned for downtown Fort Lauderdale.
Credit: The Traina Cos.

The developer of FATcity in downtown Fort Lauderdale, FL is listing the mixed-use project for sale, but remains interested in working with a buyer on a possible joint venture, CoStar News has learned.

The Avison Young brokerage has the listing and will roll out the marketing next week, said David Duckworth, a principal with the firm. There is no list price for the 2.7-acre site at 300 N. Andrews Ave., but Duckworth expects plenty of interest, in part because it's less than two blocks from the new Brightline commuter train station in Fort Lauderdale.

"It's a huge project and will be transformative for the Flagler Village area," he said.

Last year, the Fort Lauderdale City Commission approved Joe Traina Jr.'s plans that called for two 30-story towers featuring 612 apartments, 185,000 square feet of office space and 87,000 square feet of retail. A hotel also could be part of the project.

Traina envisioned the apartments as an affordable option for young professionals increasingly priced out of downtown Fort Lauderdale, though the eventual buyer may decide to build luxury units at FATcity.

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"I would doubt a buyer would view the project in the same manner," said Ken Johnson, a real estate professor at Florida Atlantic University and an associate dean of graduate programs in the college of business. "The returns on the high-end luxury stuff, from housing to condos to apartments, are so much higher."

Traina has said this would be his first major project in South Florida. But his firm, the Traina Cos., has a portfolio of more than 2 million square feet of commercial real estate in New England and New York.

"He has other interests across the country, and he felt this was a good time to take it to market," Duckworth said.

The land is near FAT Village, which stands for Flagler Arts and Technology. The district has technology-based businesses, as well as artists and musicians.

Duckworth has the listing with Avison Young brokers Michael Fay and John Crotty. They have not set a deadline for bids, but expect to market the site for 45 days.

Paul Owers, South Florida Market Reporter  CoStar Group   
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