March 15, 2023
Florida East Coast Industries has now sold three properties near the Brightline station in Fort Lauderdale. CUSHMAN & WAKEFIELD
Florida East Coast Industries sold its property near the Brightline station in Fort Lauderdale to a residential developer for $13.2 million.
FECI and Brightline are sister companies, as they are both backed by Fortress Investment Group. Miami-based FECI developed most of the mixed-use buildings around the Brightline stations in Miami and West Palm Beach.
FLL 4th Avenue Development LLC, an affiliate of FECI, sold 0.95 acres at 105 to 117 N.W. Third Ave., plus 110 N.W. Fourth Ave., to Brightland FTL Owner LLC, an affiliate of OceanLand Investments. The buyer, led by Canadian transplant Jean Francois Roy, is primarily a multifamily developer.
Brad Capas of Cushman & Wakefield represented the seller in the deal.
Roy said he purchased the property because he’s a strong believer in Brightline and he wants a mixed use project connected to the station. It’s too early to say what exactly he’ll build, as he wants to meet with people in the neighborhood first. Roy said it would certainly include residential.
“What is most important of all is this is the new face of the corridor between downtown and Interstate 95,” he said. “If you look at Broward Boulevard between I-95 and downtown now, it’s extremely rough and a very bad introduction to the city, so for us to be part of the revitalization is a big thing.”
OceanLand Investments is currently selling units at the Sixth & Rio condo in the Rio Vista neighborhood.
FECI sold two other vacant lots near the Brightline station in Fort Lauderdale for a combined $37.2 million in 2021. Those buyers have yet to announce any projects.
The Brightline connects Fort Lauderdale with Miami, Aventura, Boca Raton and West Palm Beach. A station is expected to open in Orlando later this year.