A Fort Lauderdale Real Estate Market Foreclosure Of Epic Proportions
June 26, 2008
A local landmark is just another domino to fall to foreclosure. In what is becoming an all too common occurence here in South Florida, the Las Olas Riverfront, originally designed to anchor the revitalization of the Downtown area as a shopping and entertainment haven for tourists and locals, is set to be auctioned off in August.
The Fort Lauderdale complex with shops, restaurants and a movie theater on the New River will be sold to the highest bidder at 11 a.m. Aug. 5 at the Broward County Courthouse, according to court documents.
The auction is the result of a foreclosure suit in regards to a $22 million mortgage default. The Las Olas Riverfront, which was built for $55 million and opened in 1998, had been slated for redevelopment. The owners proposed building three towers on the 3.85-acre site that would have included a hotel, offices and condominiums.
Local area politicians applauded the pending development. Fort Lauderdale Mayor Jim Naugle said, ”The property has been manipulated by real estate entrepreneurs who wanted it to fail so it could be used for redevelopment. I think if a good operator were to purchase it, it could be successfully run as an entertainment complex with possibly some redevelopment when the real estate market turns around.”
The Las Olas Riverfront complex is a prime site and anchor for downtown Fort Lauderdale real estate.
It’s a shame that this property is being lost to foreclosure, but this property will be certainly purchased and redeveloped. I doubt we have heard the end of this story. I’ll keep you posted.
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