Shortage of Oceanfront Development Sites in South Florida

MIAMI, Feb. 23, 2012 /CNW/ - Oceanfront real estate in South Florida has made a remarkable comeback in the last three years. The supply of available condominium units has dwindled thanks to the burgeoning demand from foreign and domestic buyers with prices at all time highs. Oceanfront hotels are experiencing a similar phenomenon with record occupancy and rates.

Developers are now scouring the coast for oceanfront land sites primed for condominium and hotel development but are coming up short. There are simply too few available premier sites to meet the growing demand.

The 1.6-acre oceanfront site situated between Bal Harbour and Fort Lauderdale at the gateway to Hollywood, Florida, located at 4111 South Ocean Drive and representing one of the last premier oceanfront development sites available in South Florida, has recently been put on the market. Shefaor Development, based in Aventura, Florida and active in South Florida, France, and Brazil, has begun the process of seeking a buyer or joint venture partner to participate in the development of this iconic site. The property enjoys extraordinary attributes, including a central location with wide beach access; approved plans already in place, designed by renowned architect Carlos Ott (www.carlosott.com); spectacular views; and flexible hotel and residential local government approvals.

The site offers a unique opportunity for developers of both condominiums and hotels since the government approvals anticipate a mixed-use project similar to a number of the most successful projects in South Florida, including Acqualina in Sunny Isles, St. Regis in Bal Harbour, Ritz Cartlon on Key Biscayne, as well as the W and Setai projects on South Beach. The site is currently approved for a 40-story building with either 477 condo-hotel or straight hotel rooms, or a mix of residential condo with condo-hotel or hotel, with 408,000 square feet of sellable living space. Up to 50% 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.

Robert Kaplan (rkaplan@ackmanziff.com) and Mark Rutherford (mrutherford@ackmanziff.com) of the Miami office of Ackman Ziff are leading the marketing effort.

With roots dating to 1926, The Ackman-Ziff Real Estate Group is the industry's pre-eminent boutique real estate capital advisory firm specializing in debt financing, mezzanine financing, preferred equity, joint venture equity, and sponsor equity. The firm is highly regarded within the industry for its integrity, creativity, and advocacy on behalf of its clients.

As one of the fastest growing real estate development companies in South Florida with over $2 billion in sales and 1/2 billion in rental income, Shefaor Development specializes in luxury high-rise residential condominiums, single family homes, multi-family housing, retail and mixed-use projects and performs as both the developer as well as acting developer on behalf of project owners.

Apart from developing the first condo hotel in South Florida, Shefaor Development has participated over the past two decades in the development of Harbour Center, a class A office building in Aventura, Florida as well as various local iconic residential projects such as Grand Venitian in South Beach, Ocean Point Double Tree Resort, Artech Residences and Uptown Marina Lofts among others.

CONTACT:
ROBERT A. KAPLAN
Principal
(305) 503-1107
rkaplan@ackmanziff.com

SOURCE Shefaor Development

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Shefaor Development

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