Houston-based the Morgan Group has picked up a 2.9 acre development site in the Flagler Village neighborhood of Fort Lauderdale for $16.48 million. The property takes up almost an entire city block from 400 to 428 N.E. Third Ave. on the east side and from 441 N.E. Fourth Ave. to 359 N.E. Fourth St. on the west. The Morgan Group has submitted plans with the city to build a 357 unit mixed use apartment building named the Morgan on 3rd Avenue. The seven story scheme would include 4,292 sqf of retail space along with 506 parking spaces. Units in the project will range from 575 sqf for a studio apartment to 1,446 sqf for a three bedroom unit. The purchase was completed with a $8.6 million mortgage provided by JPMorgan Chase.
