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The city of Fort Lauderdale is soliciting bids, starting at just over $13 million, for a 24-acre industrial property in Dania Beach that could be developed into offices or warehouses.


4050-South-State-Road-7, Dania Beach site

Colliers International is overseeing the planned sale of the city-owned industrial property at 4030 State Road 7, just south of I-595. It’s one of Colliers’ first assignments from the city of Fort Lauderdale under its new contract to help manage the city’s real estate and dispose of surplus properties.

Fort Lauderdale requires potential buyers to submit sealed bids for the property in Dania Beach to the procurement division of the city’s finance department by Nov. 3. Sealed bids should include a cashier’s check or certified check to the city in an amount equal to 10 percent of the offered purchase price. Colliers would collect a commission at closing equal to 4 percent of the sale price.

Potential buyers must submit a minimum bid of $13.226 million, the appraised value of the property. The appraisal was completed Aug. 14 by Adrian Gonzalez, Jr., of Adrian Gonzalez & Associates P.A. in Hollywood. Terms of the sale would include payment of all closing costs by the buyer. No purchase money mortgage would be held by the city.

In a memo this week to city commissioners, City Manager Lee Feldman said Fort Lauderdale acquired the property in Dania Beach through eminent domain in February 1984. The property currently is used for motor vehicle training by the Fort Lauderdale Police Department, among other uses.

The 24-acre property, zoned I-G (industrial general) by the city of Dania Beach, has sewer and water service from Broward County. An active landfill along the north side of the property accepts only ash residue from the Wheelabrator South Broward trash-incineration facility located south of the property.

“There is, to the best of our knowledge, no contamination of the site,” said Steve Wasserman of Colliers International in South Florida. “The likely future uses of the property are office and warehouse development.”

Fort Lauderdale city commissioners declared the 24-acre site a surplus property and approved the city’s contract with Colliers at their meeting Tuesday, Chaz Adams, spokesperson for the city of Fort Lauderdale, said in an email.

“We expect Colliers to offer recommendations regarding the highest and best use for the properties that comprise our real estate portfolio,” Adams wrote in an email Thursday. “These recommendations may include the sale and disposition of city-owned surplus property. By returning property to the tax roll, the city can reduce operating costs, maximize resources, and generate additional revenue.”

 

Source: The Real Deal

New construction is fueling Broward County’s growing property values, which reached an all-time high this year, according to new preliminary 2017 values released Friday by the Property Appraiser’s Office.

The new figures will be used by local governments to set their tax rates and budgets for the coming year. (Click here to see the latest property value figures for the county and local cities.)

Leading Broward cities in new construction this year were Hollywood and Dania Beach, reaping the windfall of FPL’s new $1.2 billion “clean energy” plant in their portion of Port Everglades that was added to the tax rolls this year.

But right behind those cities were two that have been consistently near the top of the county’s new construction list in recent years: Fort Lauderdale and Parkland. They’re the only two Broward cities to be in the top five when it comes to new construction in each of the past six years. And they couldn’t be more different.

Fort Lauderdale is the county seat with a booming downtown and an upscale beach that are attracting substantial high-rise and redevelopment projects. Parkland, with its 30,000 population that’s a sixth of the size of Fort Lauderdale on the county’s northwestern fringe, doesn’t have a beach or a downtown.

What Parkland does have is vacant land to build on, something that’s a rarity in the rest of the county. In recent years, the suburban community has been annexing for development portions of the Wedge, a nearly 2,000-acre triangle of vacant land that was transferred from Palm Beach County to Broward in 2009.

“Developers are purchasing large agricultural parcels in Parkland and developing them into single-family home communities,” Property Appraiser Marty Kiar said.

Major builders there include Lennar, Toll Brothers and CalAtlantic Homes. The projects include the Parkland Golf and Country Club, Watercress, Mira Lago, Heron Bay and Parkland Bay. Construction in the city was largely responsible for a 52 percent increase in the number of Broward homes started during the first three months of this year.

“That land that came in is highly desirable as so many people want to be in Northwest Broward and Parkland,” said Broward Commissioner Michael Udine, a former mayor of the city. “They love our open space, great schools and family-friendly environment. People are moving from within Broward and many from out of state.”

The new figures released Friday put Broward’s new construction this year at $2.4 billion, which was $111 million more than the amount listed in the initial report that came out in May. The county’s overall taxable value came in at $177.3 billion, up $17 million from the May report.

Existing property values in the county are up 7.8 percent from a year ago, while the increase is 9.3 percent when new construction is included. For property owners, higher values signal a growing return on the investment they made, but they can also mean higher taxes to be paid.

Miami-Dade County is reporting an overall taxable value of $272.4 billion, an increase of 8.4 percent, with $8.2 billion in new construction. In Palm Beach County, property values reached $176.8 billion, a 7.3 percent increase, with new construction totaling 2.7 billion.

Among Broward cities, overall totals show Dania Beach leading the county with a 20.7 percent increase in property values and Hollywood second with a 15.6 percent increase. Fort Lauderdale values are up 9.3 percent, Pompano Beach 9.2 percent, Pembroke Pines 8.6 percent, Miramar 7.7 percent and Coral Springs 7.4 percent.

 

Source: SunSentinel