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MAJOR INVESTMENT IN SOUTHEAST FORT LAUDERDALE

Major investment and development is taking place in and around southeast Fort Lauderdale. Plans for the expansion of the Broward County Convention Center are proceeding forward and the project will include an additional 400,000 square feet of meeting space, an 800 room upscale hotel and a waterfront public plaza with multiple restaurants. The estimated cost of the project is projected to be approximately $550 million.

The nearby Hilton Fort Lauderdale Marina Hotel, which sits on 9 acres along the Intracoastal, sold recently for $170.7 million to an affiliate of Brookfield Property Group, which also owns the Diplomat Resort & Spa in Hollywood. This desirable site offers the new buyer the potential for future redevelopment of the property and the hotel, which was built in 1980.

Tavistock Development Company, which purchased the iconic Pier Sixty-Six Hotel & Marina and the adjacent Sails Marina property for approximately $190 million, has plans to significantly upgrade the entire property with new residences, new hotel rooms, new restaurants, a restoration of the iconic hotel tower and an upgraded marina.

The closed Bahia Cabana Beach Resort, which was damaged by Hurricane Irma in September 2017, just sold for $17.27 million and will be redeveloped. The adjacent B Ocean Hotel is currently on the market for sale as is the Renaissance Fort Lauderdale Cruise Port Hotel. Further north up the beach, the W Fort Lauderdale is also on the market for sale for approximately $275 million.
The redevelopment of the Bahia Mar complex is moving forward and will include apartments, a new high rise hotel, restaurants, stores, marina space, an underground parking garage and a public promenade. The work is projected to be completed by 2028.

The nearby Fort Lauderdale Aquatic Complex, which was built in 1965, is finally on track to be renovated. Under a proposed $27 million deal, the City will upgrade the pools to meet current standards, provide spectator seating, upgrade the restrooms and make other necessary improvements. The work is scheduled to be completed by July 2020.

Finally, work is beginning to start at northwest corner of SE 17th Street and Federal Highway. This mixed use project will feature an 8 story mid-rise residential tower with a Whole Foods on ground level.

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