Investors from a Ukrainian firm have been buying up Lauderdale-by-the-Sea property since the beginning of the year and have recently made the group's third and fourth real estate purchases in the region. The Florida Development Group, which is based in Boca Raton, paid $8.64 million for a 29-room drive-up inn on El Mar Drive. In booking the deal, firm managers Zoron Zelenikovski and Krsto Stamatovski struck a deal with Little Italy Oceanside Investments, managed by Remo Polselli.
Potential for economic growth in the Lauderdale-By-the-Sea area
Tropic Ranch Inc., the owners of the property, were under siege from Sunrise-based TransCapital Bank after being unable to pay a $5 million mortgage. Florida Development stepped in to not only purchase Tropic Ranch's A Little Inn By the Sea on El Mar, but also the A Little Inn Too hotel down the street for $4.4 million. The purchase settled a Comerica Bank foreclosure lawsuit from 2012 over a $4.2 million mortgage on the 16-room motel.
Lauderdale-By-the-Sea is a small town in Broward County, located along Florida's Gold Coast. It is situated between the Atlantic Ocean on the east and the Intracoastal Waterway on the west. Tourists from all over the world come to Lauderdale-By-the-Sea for scuba diving trips that explore the coral reef as well as nature excursions and fishing expeditions through nearby parks and lakes.
The Florida Development group hoped to capitalize on the town's developing tourist economy with their recently bought property. The hotel purchases were part of a plan to expand the group's influence in the area's real estate market after winning a $17 million bankruptcy auction of the 147-room Lauderdale Beachside hotel on Ocean Drive.
Working with the new hotel purchases
With the purchase of hotel real estate comes the need for office furniture. Managers and designers will be coming in to outfit the raw space with good furniture. Conference tables will be needed to host internal and professional meetings. Ergonomic chairs and custom office workstations with more than one person at each station will provide a comfortable work environment that facilitates collaboration and productivity. Transitioning into a new property can be challenging and the placement of furniture is never set in stone, so furniture needs to be accessible and mobile at the same time.
Want to create a comfortable, collaborative work environment? Visit the Office Furniture Warehouse website to complete your office landscape.