Invesco Real Estate and Alliance Residential have purchased the Art Institute of Fort Lauderdale’s main campus on South East 17th Street for $22.1 million. The campus sits on 6.2 acres and last traded for $25 million in 2005, having served previously as the home of the Ocean World Marine park, which stopped operation in 1994. Invesco and Alliance plan to build a mixed-use project named Broadstone Harbor Beach. The property has already been approved for 394 residential units, 7,671 square feet of retail space, and calls for maintaining the 75,428 square foot trade school and 15 boat slips. The plan also calls for 1,197 parking spaces to be built in two garages. Construction is slated to start in the second quarter of 2015.
