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Related Group buys Fort Lauderdale office site for apartment project
The purchase price was $9.3 million, and the proposed eight-story plan would add 422 apartments and 62 workforce units.
Related Group has paid $9.3 million for a development site at a Fort Lauderdale office park located at 6700 N. Andrews Ave., according to ConnectCRE. Naya USA sold the site, while CPN West retained ownership of the existing 309,243-square-foot office building on the property.
Last year, Related Group filed plans to convert the vacant portion of the site into an apartment development. The proposal calls for an eight-story building, named Manor Cypress Creek, with 422 apartments and 591 parking spaces.
The project also includes 62 workforce apartments for households earning up to 120% of area median income. ConnectCRE said the deal aligns with a broader trend in South Florida of adding multifamily development near office buildings as owners look to tap residential demand and the convenience of living near work.
The S. Florida Business Journal also cited in the report that the conversion effort is part of ongoing redevelopment activity around area office properties, reflecting how developers are reshaping underused land for housing.