Integra Investments buys Lauderdale Lakes dev site
Integra Investments’ long-planned Bella Vista neighborhood in Lauderdale Lakes is one step closer to completion.
Property records show an affiliate of the Miami-based development firm paid $7.2 million for land along West Oakland Park Boulevard for the third and final phase of the project underway at 3559 Northwest 29th Court.
Integra principal Victor Ballestas said the firm is planning to build 317 multifamily units on the remaining eight acres of land. The first two phases are made up of about 270 townhomes.
Records show the seller, Oakland Development Partner, bought the 27-acre development site for $8.25 million in 2014. The company, led by David Frank and Ian Ludmir, purchased the property out of foreclosure.
The final phase originally called for condos, but the Integra opted to build apartments instead, Ballestas said, citing a strong demand for rentals in the area. Integra will also expand the community’s clubhouse, build a new fitness center and renovate the pool.
Ballestas said he plans to break ground on the third phase of Bella Vista toward the end of 2018.
Another developer, American Land Ventures, is also active in Lauderdale Lakes. The company is under contract to buy about 23 acres of land to build 83 single-family homes.
Source: The Real Deal