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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.

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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.

 

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