Fort Lauderdale motel and land sells for $13.5M
Lauderdale, Florida (January 29, 2003) –
Cornerstone Development of Coral Gables has purchased the
Ocean Hacienda and adjoining land parcels for $13.5 million,
according to Fort Lauderdale commercial real estate development
and brokerage firm IAG Florida, Inc., which said it was
the financial adviser to the seller.
company did not identify its client, the seller of the 3.03
acre property that includes the oceanfront site of the Ocean
Hacienda Motel at 1924 N. Atlantic Blvd. and three parcels
located on the west side of A1A. However, Broward County property
records indicate GKC International owned at least the Ocean
Hacienda Motel property.
said Cornerstone Development plans to develop two residential
condominium buildings on the property.
sale reflects interest by residential builders in Fort Lauderdale
Beach as an alternative development location to the recent
surge of downtown residential projects," said Mark H.
Ellert, president of IAG Florida.