Developers look to revive stretch of New River in Fort Lauderdale
By Paul Owers, Sun Sentinel
5:32 PM EST, January 6, 2012
Two recent deals for properties in distress along the New River are expected to help renew a key stretch of downtown Fort Lauderdale, although the developers face challenges, an expert says.
In the last week of December, Miami-based Cymbal Development paid $11.5 million for nearly 6 acres on the south side of the river, a site that once housed the Shirttail Charlie’s waterfront restaurant. Cymbal is planning a $135 millioan project that will include retail and residential.
Across the river, an investment group spent $16.7 million last summer on Las Olas Riverfront, the once-thriving entertainment landmark that has struggled during the past several years.