Ocean Land Investments buys Fort Lauderdale site for multifamily project

Ocean Land Investments acquired a development site in Fort Lauderdale and is working on plans for a multifamily project.

Twenty-Five LLC, managed by Manuel Denis in Fort Lauderdale, sold the 0.85-acre site at 201 N. Federal Highway to Ocean Land Investments for $7.75 million. The property currently has 6,514 square feet of automotive buildings.

It last traded for $231,000 in 1996, so the property had a more than 3,200% increase in value as more people and businesses moved to downtown Fort Lauderdale over the decades. The site is only two blocks north of Broward Boulevard.

Ocean Land, a development firm led by Jean-Francois Roy, didn’t announce specific plans for the site, but it’s working on them. Alan Chocron of Compass represented the seller while the buyer worked with Yonatan Missika of Gridline Properties.

“While we have no specific announcement on developing the parcel at this moment, the site’s proximity to downtown Fort Lauderdale and favorable zoning makes development of a major ($100+ million) luxury multifamily project a very compelling option,” said Marc-Andre Roy, senior VP at Ocean Land.

The developer will later decide whether to partner with another developer or sell the development rights outright to the third party, Roy said.

Fort Lauderdale-based Ocean Land previously completed five boutique condos in Fort Lauderdale, including AquaVita and AquaBlu. It’s currently building the Aviva Rio Vista apartments on the New River.