12 June 2020
Billionaire developer pays $62 million for downtown Fort Lauderdale development site

Billionaire developer Vladislav Doronin is making his first foray into Fort Lauderdale.

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Doronin’s Miami-based development firm, OKO Group, has paid $62.59 million for 6.68 acres in downtown Fort Lauderdale. The land runs south from S.E. Sixth Street to S.E. Seventh Street and west from South Federal Highway to S.E. Fourth Avenue. It will be used for a mixed-use development, said a spokesman via release; details have not been shared. The transaction was first reported by South Florida Business Journal.

It’s the largest sale in Fort Lauderdale’s urban core this year.

“The acquisition marks OKO Group’s entrance into the Downtown Fort Lauderdale market, which benefits from strong demographics, an easily accessible location in proximity to many of the city’s most desirable neighborhoods, and an urban grid which lends itself to a pedestrian-oriented development,” said Doronin via a statement.

Brightline’s expansion throughout South Florida is drawing developers and investors to Broward County, said Bradley Arendt, a Colliers International Fort Lauderdale expert. “With Brightline, developers are looking at South Florida as a region.” The commuter rail is currently on hiatus as a result of the pandemic.

Doronin first entered the South Florida market in 2016 with the announcement he would development the 57-story luxury Missoni Baia project in Edgewater, on track for completion in 2021. He since has launched the waterfront Una Residences condo in Brickell, the office tower 830 Brickell and an Aman resort in Miami Beach. Doronin owns the Aman brand.

Major land deals continue to close, despite the pandemic. Last month, Related Group dropped $18.5 million for 2.27 acres of land in Wynwood.

Multimillion-dollar transactions show South Florida’s longevity, Arendt said. “The world is not ending. [For OKO,] if they put a shovel in the ground tomorrow, it’s going to take five to 10 years to build out those acres fully.”

Read the full story here https://www.miamiherald.com/news/business/real-estate-news/article243432726.html