Business

Developer plans 380 rentals in downtown Fort Lauderdale

A developer paid $7.2 million for a downtown Fort Lauderdale site with plans to build 380 rentals — though he's not ruling out condos.

"What makes sense at this point is apartments, but things can change," said Jim Ellis, founder of Ellis Diversified Inc.

The 1½-acre property is at 477 SW First Ave., next to the New River Yacht Club rental development. Ellis bought the land from the Gross family, represented by Adler Realty Services.

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