Tarragon Corporation, the developers of the Las Olas Riverhouse, has announced its recent sale of 100 E. Las Olas Boulevard for $15 Million to Simmons Vedder & Co.
100 E. Las Olas was originally planned to be a 25 story high rise adjacent to the Riverhouse. The tower was to be adjoined to the Riverhouse by a sixth floor terrace. The first two floors of the tower were designed for mixed use which would have included a day spa and fine dinning to name a few. The prices were to range from $600,000’s to over $900,000.
The tower upset many of the current Riverhouse owners since 10
0 E. Las Olas would be blocking some of their views. The Riverhouse owners will not be able to breath an early sign of relief just yet. The new owners Simmons Vedder & Co. do plan to have involved discussions with Riverhouse owners and neighboring commercial owners to make sure the building will be in context of its urban setting. Simmons and Vedder has not yet released how tall the new building will be but it will contain a mix use of retail, office, and hotel options.
The sale of the property by Tarragon was spurred by their need to become more liquid to reduce their dept in the current market. Tarragon Corp also sold the following two properties :
- The Vintage at Abacoa in Jupiter, Florida
- Kennesaw Farms Apartments development in Gallatin, Tennessee
The sale of all three properties totaled $91,367,000
We are seeing a renaissance happening in various areas of Downtown Fort Lauderdale. The diversity of different types of housing options being offered at this time is huge. The city is starting to develop unique neighborhoods with very different feels such as Flagler Village, The Himmarshee area, and the Las Olas ( Colee Hammock) areas. The buyer sits firmly in the drivers seat in this market and it will be very interesting to watch as buyers start to reemerge and developers begin to move forward around the downtown area.
Please contact Greg Horton for additional information.