A developer building luxury condos in Fort Lauderdale has purchased more land in the city — but this time for a hotel.
Through an investment firm, Grupo Alco paid $3.6 million for 1.75 acres at 350 E. State Road 84, just west of Federal Highway, 2 miles from Fort Lauderdale-Hollywood International Airport and less than a mile from Port Everglades.
“The location is very prominent,” said Leonardo Coll, president of Grupo Alco. “We think it’s perfect for a hotel.”
The 10-story hotel will have 150 to 160 rooms, Coll said. Groundbreaking is expected next year, with an opening planned in 2019, he said.
Grupo Alco is working on the project in a joint venture with Driftwood Hospitality Management and Eurobuilding Hotels Group.
The seller was Sailorman Properties II, which operates the Sailorman marine store on the property. Sailorman Properties bought the site for $425,000 in 2007, records show.
Steve Hyatt, a real estate agent for Berger Commercial Realty, said he’s working on a deal to move the store to another site nearby.
“Sailorman’s thinking was, land prices being what they are, it made sense to sell and relocate to a less-expensive location,” Hyatt said.
Grupo Alco broke ground last year on Adagio Fort Lauderdale Beach, a 31-unit condo at 435 Bayshore Drive. The units range in price from $1.8 million to $4.7 million. The building is expected to be complete in 2019.
The developer previously built Adagio on the Bay, a 12-unit condo with prices starting at $1.6 million. The site, at 1100 Seminole Drive, overlooks the Intracoastal Waterway and Hugh Taylor Birch State Park.
Adagio on the Bay was the firm’s first residential project in the United States. Coll said it has built more than 15,000 residential and hotel units, mostly in Panama and Venezuela.
His father started the firm in Venezuela in 1958. It’s now based in Fort Lauderdale.