Developers speculate on future of Las Olas Riverfront lifestyle center

August 13th, 2008

The purchase earlier this week of the Las Olas Riverfront, an underused lifestyle property in Fort Lauderdale, by Cerberus Capital Management affiliate Madeleine L.L.C., has ignited speculation about the site’s future.

Cerberus filed an emergency motion late Monday in Broward County Circuit Court to postpone the auction so it could exercise its right to buy out the entire loan. The New York City-based firm agreed to purchase the loan for $21.8 million from ACF Riverfront, the senior lender that took over the debt on the property after foreclosing on Boca Developers.

Once upon a time, Boca Developers had ambitious plans to build an upscale condo, hotel and office tower to encourage a work-live-play lifestyle along the New River.

Since the Riverfront project flopped, Fort Lauderdale-based Stiles Development Group has expressed interest in the failing $55 million Las Olas Riverfront entertainment complex that sits on prime downtown land.

“Stiles would be the perfect developer for Las Olas Riverfront,” said Walter Duke, a principal of Clobus McLemore & Duke, a commercial real estate valuation and advisory services firm in Ft. Lauderdale. “If Stiles can work out an arrangement with the lender at the right price, this is a firm that could carefully develop what is the linchpin of the Riverwalk Linear Park downtown.”

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