Related Group JV Pays .5M for Fort Lauderdale Dev Site

Related Group JV Pays $15.5M for Fort Lauderdale Dev Site

409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development (Google Maps, Alta Development)

A joint venture of Jorge Pérez’s Related Group and Henry Pino of Alta Development bought a vacant site in Fort Lauderdale for $15.5 million.

The developers purchased an acre, or the majority of the 1.3 acres of land at 409 Southeast Eighth Street from Salt Air 20 Development, an investment partnership led by Cushman & Wakefield broker Robert Given, according to records.

The deal is for the rectangular-shaped southern portion of the L-shaped site, with Salt Air retaining the northern parking lot, Given said.

Salt Air flipped the site after paying $11.3 million for the entire lot in March, a deed shows.

Given, executive vice chairman of capital markets at Cushman & Wakefield in South Florida, invested in the real estate on his own, separately from the brokerage. He declined to name his partners in the property.

Related and Pino did not immediately return requests for comment on their plans for the site.

Related Group, based in Coconut Grove, has amped up its bet on Fort Lauderdale, including the city’s downtown. In August, the company scored an $84 million construction loan for a 40-plus-story, 300-plus-unit apartment tower at 201 and 227 South Federal Highway.

Related also is developing the 36-story, 349-unit New River Yacht Club II apartment building at 401 Southwest First Avenue, south of the New River and near the Florida East Coast Railway.

Along Las Olas Boulevard, Related built the 44-story, 272-unit Icon Las Olas apartment project at 500 East Las Olas Boulevard. It was completed in 2017.

Jorge Pérez is Related’s founder and CEO, and his son Jon Paul Pérez is the company’s president.

Investors and developers have homed in on Fort Lauderdale, and especially the area in and near downtown, either trading properties or planning high-rises.

Prospect Real Estate Group plans the 12-story, 252-unit Advantis Station at Flagler Village project on the northeast corner of Sistrunk Boulevard and Northeast Third Avenue. The developer bought the site for $11 million in April.

In November, a Brooklyn-based joint venture of Heights Advisors and Legacy Partners paid $6.7 million for the property at 111 Southwest Third Avenue, with plans for a mixed-use, multifamily tower.

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