Developer Purchases the Art Institute of Fort Lauderdale
Part of the Art Institute of Fort Lauderdale’s main campus was recently sold to a developer who plans on constructing a multi-use project with the property.
About four acres of the 6.2-acre property, located at 1799 SE 17th St., sold to Harbor Beach Investors for $22.1 million. The remaining acres that didn’t sell are still leased to the Art Institute of Fort Lauderdale, which is not affiliated with new investment development.
Invesco Real Estate and Alliance Residential, affiliates of Harbor Beach Investors, plan to use the property to build Broadstone Harbor Beach – an eight-story apartment project.
Broadstone Harbor Beach will consist of 394 residential units, 7,671 square feet of restaurant, retail, bank and office space, and have two garages with a total of 1,197 parking spaces.
Investors will also continue maintaining the 75,428-square-foot trade school and 15 boat slips.
Wells Fargo Bank provided the developers with a $66.5 million construction mortgage for the project, which is set to break ground later this year.