The city previously appraised the property’s value at around $3.5 million, but South River Warehouse, LLC, the development firm led by Arturo Ortega that owns the property, has stated it believes the land is worth around $23 million.
The project will include up to 2,346 rental apartments, ground floor retail, amenities, and parking for about 2,078 cars.
A $170,000 study upon which to base the plan won unanimous Transportation Planning Organization approval with aims far broader than the most recent plan for the area, which was drawn in 2003 in vastly different times for a vastly different downtown.
The project changing nearly a full block hugged by West Flagler and Northwest First streets is composed of three buildings.
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Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
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Ven-American Real Estate, Inc.
2401 SW 145th Avenue, Ste 407
Miramar, FL 33027
Brokerage & Property Management Services
Phone: 305-858-1188