Apartment development site in trendy South Florida neighborhood sold for $9.5M

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Apartment development site in trendy South Florida neighborhood sold for $9.5M

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Alta Developers paid $9.5 million for a property in Fort Lauderdale’s trendy Flagler Village neighborhood that could become the second phase of its apartment project.

The Miami-based developer currently has its plans for the 212-unit Alta Flagler Village at 421 N.E. 6th Street (Sistrunk Boulevard) under consideration by the city.

Further south on the same block, its Alta Flagler Village Phase II recently acquired 11 parcels for a combined two acres. They currently have small apartment buildings on them. The sellers were Caldwell C. Cooper and Robyn T. Cooper, who made $6.39 million and $3.11 million, respectively. Santiago, Chile-based Inversiones Trentino loaned $4.75 million to Alta Developers for the deal.

The first phase of Alta Flagler Village should go to the city’s planning and zoning board in May and could break ground by the end of 2016, Hutchins said. It would take about 18 months to complete.

Hutchins said Alta Developers has committed so much capital to the Flagler Village neighborhood because the recently completed buildings there have performed extremely well.