Salt Air 20 Development Acquires Mixed-use Property In Fort Lauderdale For $15.25M

The property located at 409 SE 8th Street in Fort Lauderdale, Florida, consists of 2.15 acres, including 10 condos at Villa Tuscany. The asset, with a high density RAC-CC zoning, was sold for $15,250,000.00 to Salt Air 20 Townhouses, LLC and Salt Air 20 Development, LLC on March 28. The site is in downtown Fort Lauderdale, south of the New River, and allows for office and multifamily development.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $15,250,000.00
• Market: Fort Lauderdale
• Seller's Representative: R. Stephen (Steve) Hyatt (Berger Commercial Realty)
• Buyer: Salt Air 20 Development
• Seller: AIDS Healthcare Foundation

Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the AIDS Healthcare Foundation as the seller in this transaction. The buyers, Salt Air 20 Townhouses, LLC and Salt Air 20 Development, LLC, are led by Robert Given, Al, and Nelson Fernandez. The property, previously used for overflow parking by AHF, was intended for multifamily development but faced zoning issues. The Salt Air group plans to develop a multifamily project on the site, aligning with the growth seen in the area over the past few years.