Miami-based developer Key International paid $9.6 million for three-quarters of an acre on Fort Lauderdale beach and plans to build a hotel.
The parcels sit across the street from the beach near the Casablanca Cafe at 3017, 3021 and 3029 Alhambra St. in Fort Lauderdale. The city approved a 10-story hotel with 175 units for the site last year. A South Carolina developer was originally under contract to buy the land, according to the Real Deal.
The deal reflects a shifting market as developers look to Fort Lauderdale for value as waterfront prices keep climbing in Miami Beach, said Dan Texeira of Douglas Elliman, who brokered the sale.
“The sale price for this desired piece of land represents that Fort Lauderdale is catching up with Miami Beach prices,” Texeira said in a statement. “I’m working with more and more Miami-based developers looking to invest in Fort Lauderdale.”
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Key International developed Nobu Hotel at Eden Roc Miami Beach, as well as several condo projects in Miami-Dade County.