UPDATED 8 Sep 12:55 p.m.: Aimco added the final piece to its Flagler Village development site, where the company is planning a large mixed-use project.
Denver-based company Aimco has purchased 1.4 acres of land at the southwest corner of Northeast Ninth Street and Northeast Fifth Avenue in downtown Fort Lauderdale for $16 million, according to a deed. A subsidiary of RK Centers owned by Miami Heat co-owner Raanan Katz sold the land.
New York-based Maxim Capital Group provided Aimco with a $60 million acquisition loan.
This completes Aimco’s 9-acre accumulation, acquired in three transactions for a total of $100 million. The property allows for the development of up to 1,500 units, more than 300 hotel keys and over 100,000 square feet of retail space for a total of 3 million square feet, according to an August filing by Aimco with the Securities and Exchange Commission. Aimco plans to develop the project through joint venture funding.
In June, it first acquired the 12-acre former Searstown Plaza at 901-927 North Federal Highway, just north of the recently purchased property, for $64 million. The 155,760-square-foot retail building will be demolished after Sears closes this year.
In July, Aimco paid $20 million for 1.7 acres of parking at the southeast corner of Northeast Ninth Street and Northeast Fifth Avenue, or just east of its newest lot.
And that’s not the extent of Aimco’s bet on Fort Lauderdale. It partnered with New York-based Kushner Companies to acquire the 10-acre property at locations 200, 300, and 520 West Broward Boulevard for $49 million in January. The city has approved the site for a four-tower development with 1,300 apartments, offices, retail and a hotel. Aimco has a 51 percent share in the project.
Aimco, led by CEO Wes Powell, is also targeting Miami’s Edgewater neighborhood. In 2020, Aimco purchased the 28-story Hamilton on the Bay apartment building at 555 Northeast 34th Street and a nearby vacant lot and apartment building next door for $89.6 million. Aimco’s Air Communities subsidiary manages the property.
Aimco is planning two projects there: a 60-story waterfront residential tower at 555-640 Northeast 34th Street; and a 1.5 million square foot development of over 600 homes, shops and offices at the southeast corner of Biscayne Boulevard and Northeast 34th Street in partnership with Beitel Group.