All Aboard Florida: Bus depot critical to Fort Lauderdale development plan By Paul Owers, Sun Sentinel August 10, 2014 All Aboard Florida, the passenger rail line that’s about to connect South Florida to Orlando, says a bus depot is the key to the companys efforts to redevelop the downtown area near its Fort Lauderdale station. The firm sees potential for a variety of uses — including shops, restaurants, offices, residences and maybe even a hotel. All Aboard Florida owns a 2-acre lot across from the stations building on Northwest Second Avenue. But the company has its eye on a more significant parcel: the adjacent Broward County Transit bus terminal that fronts Broward Boulevard at Northwest First Avenue. All Aboard Florida wants to switch sites with the county, moving the bus depot a block north and clearing that prime land for development. That permits more density and energy at that gateway corner, said Mike Reininger, president of All Aboard Florida. We should all be interested in the highest and best use for real estate in the core downtown. Moving the bus station would allow All Aboard Florida to split the bus depot property in two by extending Northwest First Street. The firm then would build a pedestrian bridge and plaza that connect the new development with the railway station, Reininger said. County commissioners are expected to discuss the issue Tuesday. Broward Mayor Barbara Sharief did not return phone calls last week, but county Transportation Director Chris Walton said Friday that All Aboard Floridas existing site is irregularly shaped and a third smaller than the bus depot property. In addition, county staff has asked All Aboard Florida for more information about the properties and a potential switch but didnt receive it, Walton said. That makes it difficult for us to assess, he said. If the Broward land swap doesnt materialize, Reininger said, All Aboard Florida still will go forward with its plans, but it would be a less grand vision. The company also owns another 2-acre site, located behind its station on Northwest Second Avenue. The firm says it ultimately will develop that land. No matter where All Aboard Florida ends up building, it will need to carefully consider what will work best based on the needs of the market, real estate experts say. First and foremost, its residential, said Jim Ellis, a developer and president of the Flagler Village Improvement Association. The railway station will be built in the Flagler Village neighborhood. Fort Lauderdale real estate agent Howard Elfman said All Aboard Florida would do well to consider small, cost-effective condos and apartments for young professionals looking to move downtown. Elfman said theres a big need for downtown apartments that rent for $1,100 to $1,200 a month and condos that sell in the $300,000 range. Everybody is trying to build more luxury residences, and with luxury residences comes luxury prices, he said. Additional condos would enhance the downtown corridor, but Broward already has more than enough office space, added Jonathan Kingsley, a commercial real estate executive with the JLL firm in South Florida. Retail could be a problem, Kingsley said, citing the largely dormant Las Olas Riverfront project a few blocks away. But he said downtown retail could succeed if anchored by a major department store, similar to Macys at CityPlace in West Palm Beach. Still, questions remain about the viability of such an ambitious project. Will this demand frenzy continue to support that magnitude of development? Kingsley said. Thats pretty much the unknown. Peowers@tribune, 561-243-6529 or Twitter @paulowers
Posted on: Mon, 11 Aug 2014 16:55:37 +0000
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