FAT City - Aerial

Fat City Assemblage & Redevelopment

In October 2015, and through the recommendation of a Manhattan-based commercial real estate capital intermediary, New York-based developer “The Traina Companies” (“Traina”) had reached out directly to Greg Laskody.  At that time, Traina was presented with an off-market opportunity to purchase a two-story multi-tenant Class C office property, located at 16 NE 4th Street in downtown Fort Lauderdale.  Traina wanted to know whether they should acquire this property as well as estimating a reasonable purchase price. Mr. Laskody had advised them to not only purchase this building but to do so only in the event that they were willing to move forward and strategically acquire the surrounding and adjacent eight folio parcels.  At this time, an affiliate of Lennar had closed on the site immediately to the east (on August 15, 2015), and was planning the development of a high-rise multi-family rental project. Traina formally engaged Mr. Laskody in October 2015 as a development advisor, and he immediately began conducting the necessary due diligence to facilitate Traina’s eventual acquisition assemblage of eight surrounding folios that were comprised of everything from vacant land to a fully stabilized multi-tenant office building.  In all, these eight parcels totaled approximately 2.69 acres.  Over the next 18 months, Mr. Laskody would be instrumental in assisting Traina not only with the negotiations of these adjoining property owners, but also with retaining the most qualified and appropriate experts – a team of land use attorneys, architects, engineers, appraisers, and most importantly, facilitating all meetings and correspondence with the City of Fort Lauderdale’s Planning and Zoning and Sustainable Development Offices  – to essentially coordinate the approval process between all of these parties.  By April 2017 – and solely due to Mr. Laskody’s efforts – Traina received final site plan approval to construct 1,351,600 square feet of Gross Building Area on this now-assembled 2.69-acre parcel, with road frontage along Andrews Avenue, NE 3rd and NE 4th Streets.  At that time an appraisal (MAI) was commissioned, with the value of the land plus the development entitlements estimated at $40.0MM.  The site was subsequently transferred to BH3, a developer of high-rise projects in New York and Florida through a joint-venture development partnership, with the consideration of that JV transfer recorded on January 18, 2019, at $23,125,000.