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Newgard Development Group paid $31.2 million for a development site in Downtown Fort Lauderdale that it purchased from Aimco and Kushner Companies.
The 1-acre parcel sits a block south of the city’s Brightline station at 200 W Broward Boulevard. Aimco and Kushner had secured approvals to build a 49-story building with 381 residential units, 8,256 square feet of commercial space and 426 parking spaces.
“This was a fantastic opportunity to acquire a prime development site in Downtown Fort Lauderdale,” Newgard CEO Harvey Hernandez said in a statement. “The area has such strong fundamentals, with continued demand from people who want to move to the city’s urban core.”
Details of the upcoming development are to be announced in the coming months, according to a representative for Newgard, a prominent Miami-based developer that is building the Lofty condo tower in Brickell.
The transaction marks the latest Fort Lauderdale selloff for Kushner and Aimco. Early last year, Kushner paid $49 million for a three-lot assemblage on West Broward Boulevard, which includes the lot just sold to Newgard. Aimco later took a 51 percent stake, according to The Real Deal.
Later that year, the joint venture sold the 0.8-acre lot at 520 West Broward Boulevard, where it had secured approvals for a 41-story mixed-use building, to North Carolina-based Woodfield Development.
Representatives for Kushner and Aimco did not immediately respond to a request for comment.
Disclosure: Joseph Meyer, the chairman of Observer Media, is the husband of Nicole Kushner Meyer, a principal at Kushner Companies.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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