Aimco Buys Flagler Village Site From RK Centers for $16M

RK Centers’ Raanan Katz and Aimco’s Wes Powell with the SW corner of Northeast Fifth Avenue and Northeast Ninth Street (LinkedIn, Google Maps)

Aimco added the final piece to its Flagler Village development site where the company plans a major mixed-use project.

Denver-based Aimco bought 1.4 acres of land on the southwest corner of Northeast Ninth Street and Northeast Fifth Avenue in downtown Fort Lauderdale for $16 million, according to a deed. An affiliate of Miami Heat co-owner Raanan Katz’s RK Centers sold the land.

This completes Aimco’s 9-acre assemblage purchased for a combined $100 million in three deals. The property allows for the development of up to 1,500 units, more than 300 hotel keys, and over 100,000 square feet of retail for a combined 3 million square feet, according to an August filing by Aimco to the Securities and Exchange Commission. Aimco plans to develop the project through joint venture financing.

It first scooped up the 5.6-acre former Searstown Plaza at 901-927 North Federal Highway, which is directly north of the most recently purchased parcel, for $64 million in June. The 155,760-square-foot retail building will be demolished after Sears closes this year.

In July, Aimco paid $20 million for 1.7 acres of parking lots on the southeast corner of Northeast Ninth Street and Northeast Fifth Avenue, or directly east of its latest parcel.

And that’s not the extent of Aimco’s bet on Fort Lauderdale. It partnered with New York-based Kushner Companies to purchase the 4.2-acre property at 200, 300 and 520 West Broward Boulevard for $49 million in January. The city has approved the property for a four-tower development with 1,300 apartments, offices, retail and a hotel. Aimco has a 51 percent project stake.

Aimco, led by CEO Wes Powell, is also targeting Miami’s Edgewater neighborhood. In 2020, Aimco bought the 28-story Hamilton on the Bay apartment building at 555 Northeast 34th Street, as well as a nearby vacant lot and a next-door apartment building, for $89.6 million. Aimco’s spinoff Air Communities manages the property.

Aimco is planning two projects there: a 60-story waterfront apartment tower at 555-640 Northeast 34th Street; and a 1.5 million-square-foot development with over 600 apartments, retail and offices on the southeast corner of Biscayne Boulevard and Northeast 34th Street, in partnership with Beitel Group.

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