Newgard Development Group, led by Harvey Hernandez, has purchased a 1.08-acre development site located at 200 West Broward Boulevard in Fort Lauderdale. The site was acquired from Kushner Cos. and Aimco for a total of $31,240,000. The property is entitled for the construction of a 49-story tower, featuring 381 residential units, 8,256 square feet of commercial space, and 426 parking spaces. This purchase was part of a larger $49 million acquisition, and Newgard Development Group plans to unveil their development plans in the upcoming months.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $31,240,000
• Address: 200 West Broward Boulevard, Fort Lauderdale
• Market: Fort Lauderdale
• Asset Type: Development Site
• Acres: 1.08

Harvey Hernandez, representing Newgard Development Group, facilitated the purchase of this development site. The sellers in the transaction were Laurent Morali of Kushner Cos. and Wes Powell of Aimco. The acquisition of this property showcases Newgard Development Group's commitment to expanding their portfolio in the Fort Lauderdale market. The company will now proceed with their plans to develop the 49-story tower on the site.