A company led by Jim Ellis acquired a 2-acre property in downtown Fort Lauderdale with plans for a 380-unit apartment complex.
Adler Realty Services’ Elliot Anker and Daniel Heisler represented the Gross family in selling the property in two transactions for a combined $7.2 million to SWFA LLC and SWFLB LLC, both managed by Fort Lauderdale developer Ellis. The property is located on both sides of Southwest 1st Avenue on the north side of Southwest 5th Street. It’s just south of the New River with the railroad tracks on its west side. It’s currently used for storage and parking. It’s near the New River Yacht Club.
“For over 20 years, the Gross family has held on to the property, waiting for Fort Lauderdale City Commissioners, to make available, scarce waivers of moratorium for downtown,” Mark Gross said. “Without development rights from the city, our properties’ value was severely depressed. The timing was finally right and Elliot’s and Dan’s work for us was outstanding.”
The Ellis website lists a plan for 308 residences called 488 South at Riverwalk. Ellis said he’s in the preliminary stages of seeking city approval.
“It’s a great site,” Ellis said. “It’s right at the New River. It’s very convenient to walk downtown. It’s right at the courthouse. It’s surrounded by streets so it has convenience of access.”
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