Fort Lauderdale site could be marked for hotel development

An oceanfront retail site on the market in Fort Lauderdale, Fla., is being considered for a new hotel development. The Aquatic Center Plaza is being marketed for $29.75 million, and the owner, Sophia Enterprises, is being represented by Marcus & Millichap.

In a statement, Scott C. Sandelin of Marcus & Millichap said the property could be rezoned into a 200-unit resort hotel with ground-floor retail, and the entitlement process for such a project is already underway.

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Sophia Enterprises paid $1.8 million for 13,130 square feet of the location in 1985, and spent another $2.5 million in August 2015 for a further 12,464 square feet. The location currently has a gym, restaurant/bar and souvenir shop as tenants.