By Georgiana Mihaila, Associate Editor
Aventura-based Shefaor Development is scouting the market for potential buyers or joint-venture partners to aid in the development of a 1.6-acre site between Bal Harbour and Fort Lauderdale. Marketed as one of the last premier oceanfront sites available in South Florida, the property is located at 4111 South Ocean Drive near the gateway to Hollywood, Florida. The site benefits from a central location and wide beach access.
According to seller Shefaor Development, the site is currently approved for a 40-story building with 477 condo-hotel, straight hotel or residential condo rooms with 408,000 square feet of marketable living space. Up to 50 percent of the living area can be allocated for residential use, thus allowing units up to approximately 5,000 square feet on average with ample space remaining for units in the hotel or condo-hotel component. The total building area is over half a million square feet, and current approvals are valid through 2016.
Shefaor Development—a real estate development company active in South Florida, France and Brazil—has partnered with renowned architect Carlos Ott for the design, and the end result has already received approval. The task of marketing the project falls in the skilled hands of Robert Kaplan and Mark Rutherford in the Miami office of Ackman Ziff.
With the comeback of South Florida oceanfront real estate over the last three years, not many premier sites are currently available on the market. Meanwhile, demand is experiencing continuous growth. Due to both domestic and foreign buyers, the supply of available condominiums is shrinking considerably, while oceanfront hotels are experiencing record occupancy and asking rates.
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Photo Credits: Miamitom via Wikimedia Commons