
BH3 buys FATCity development site in downtown Fort Lauderdale
Tuesday, February 5, 2019
Wright Southern Inc., managed by Dorothea G. Vela, sold the 29-room hotel at 1901 S. Ocean Blvd. and 0.57 acres of vacant land at 1060 Del Harbor Drive to Wright by the Sea 1901 LLC, an affiliate of New Jersey-based National Realty Investment Advisors. The buyer received a $22 million mortgage from affiliates of New York-based Ares Commercial Real Estate Management.
The 17,952-square-foot hotel was built on the 1.8-acre site in 1953. It’s been under the same ownership for over 40 years. It has a pool near the beach. Some of the rooms are two bedrooms.
NRIA has developed about 715 units since 2010 and currently has $235 million projects in progress, according to its website. It’s currently building the Gulfstream Views townhouse project along the ocean near Boynton Beach.
Officials with NRIA couldn’t immediately be reached for comment about their plans for the Delray Beach site.
A co-developer of Privé at Island Estates paid $23.1 million for FATCity in downtown Fort Lauderdale, a site that’s entitled for 1.35 million square feet of mixed-use development.
The Edwards Companies closed on construction financing for a $300 million mixed-use project in downtown Delray Beach.
Joseph’s Classic Market will move to expanded space at Town Center at Boca Raton mall. Joseph’s will occupy 14,700 square feet in the combined former Blue Martini lounge and Pinion Grill restaurant, mall management announced. The new space will also feature outdoor patio seating.