Downtown retail mall opportunity being marketed by Colliers International South Florida
Fort Lauderdale, FL, August 16, 2018 – As investor interest and market fundamentals continue to strengthen in Downtown Fort Lauderdale, a city-owned property in the heart of the urban core has been unveiled as an alluring new master lease opportunity. Colliers International South Florida, on behalf of the City of Fort Lauderdale, is marketing the project to become the master developer lessor for the first floor of the retail mall located at 155 SE 2nd Street. The site is uniquely positioned to capitalize on the mounting activity and pedestrian traffic of Fort Lauderdale’s Urban Core and the boom of development surrounding it.
The proposed project, called Riverwalk Center, is currently a 2,148-space city parking garage with a heliport on the roof, sprawling across a 500,000 square foot structure on two parcels, totaling just over three acres. The garage was constructed in 1982 and currently features 8,290 square feet of retail. This offering provides the developer an opportunity to activitate the entire 82,940 square-foot ground floor of the parking garage with commercial & retail space along with potential public and private event spaces. This underutilized asset in the heart Fort Lauderdale’s Urban Core has the potential to become an iconic part of the City.
“This is a once-in-a-generation opportunity to shape a piece of the future of Downtown Fort Lauderdale,” said Colliers International South Florida broker Bradley Arendt, who is marketing the property for the City along with colleagues Mika Mattingly and Brooke Berkowitz. “There are more than 3,000 residential units under construction within blocks of this property, creating an immediate audience for any new retail or commercial development at Riverwalk Center.”
The need for retail space continues to grow in Downtown Fort Lauderdale as the population is expected to grow by 2.23% by 2023, to 44,279 residents. This surging population, in combination with limited new supply and increasing disposable income, are all factors driving strong fundamentals in Downtown Fort Lauderdale. In fact, the inventory has decreased by 2% since 2012 as older retail buildings are being developed into mixed-use projects.
Rental rates and vacancy rates point to growth as well. Since 2012, Fort Lauderdale’s downtown retail rents have increased 43% to $37.32 per square foot and vacancy rates are at post-recession lows, decreasing from 9.4% in 2012 to 3.4% today.
“The market fundamentals are pointing in the right direction for any new master developer lessor,” added Colliers’ Urban Core Division co-founder Mika Mattingly. “But the generous high-intensity zoning accommodates a wide range of uses, including employment, shopping, service, cultural, higher-density residential, and high intensity commercial. Riverwalk Center has the potential to really become a downtown fixture with a sense of place.”
Riverwalk Center is one of Colliers South Florida’s assignments from the City of Fort Lauderdale within its contract to proactively manage the city’s real estate. The garage currently serves as a parking facility for the 110 East Broward office building, as well as education institutions (FIU and Broward College), museums, the library and other downtown amenities. The rooftop also serves as home for the John Fuhrer Fort Lauderdale Downtown Helistop, which operates 24 hours a day, seven days a week.
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About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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