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628-642 NW 3rd Ave - Water Tower Progresso Development 0.93 Acres of Commercial Land in Fort Lauderdale, FL 33311
Investment Highlights
- Located in an Opportunity Zone
- Existing site plans for 179 units over 18 stories
- Qualified for Live Local
- Proximity to FAT village and the Brightline station
Executive Summary
This offering presents a prime development opportunity in Fort Lauderdale’s thriving Progresso Village, adjacent to Flagler Village and the city’s dynamic downtown district. The 0.93-acre property spans two parcels and is positioned within a designated Opportunity Zone, offering potential tax advantages for qualified investments. Current site plans include an 18-story development accommodating up to 179 units, aligning with the Northwest Regional Activity Center (NWRAC-MUe) zoning that supports high-density, mixed-use projects.
Situated within walking distance of Ft. Lauderdale’s growing cultural and entertainment hubs, the location offers immediate connectivity to FATVillage Arts District, the Brightline Train Station, and major employment centers. Surrounding neighborhoods have experienced significant growth, with ongoing multifamily and mixed-use projects attracting residents and businesses seeking an urban lifestyle with convenient access to beaches, retail, and leisure.
With its zoning flexibility and proximity to key transportation nodes, this site offers developers an exceptional chance to capitalize on one of the most active submarkets in South Florida. The combination of live-work-play accessibility, favorable regulatory environment, and Opportunity Zone incentives positions this parcel as a compelling investment for residential, hospitality, or mixed-use development.
Situated within walking distance of Ft. Lauderdale’s growing cultural and entertainment hubs, the location offers immediate connectivity to FATVillage Arts District, the Brightline Train Station, and major employment centers. Surrounding neighborhoods have experienced significant growth, with ongoing multifamily and mixed-use projects attracting residents and businesses seeking an urban lifestyle with convenient access to beaches, retail, and leisure.
With its zoning flexibility and proximity to key transportation nodes, this site offers developers an exceptional chance to capitalize on one of the most active submarkets in South Florida. The combination of live-work-play accessibility, favorable regulatory environment, and Opportunity Zone incentives positions this parcel as a compelling investment for residential, hospitality, or mixed-use development.
Property Facts
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.93 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Property Subtype | Commercial | ||
| Zoning | NWRAC-MUe - Northwest Regional Activity Center | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.93 AC |
| Opportunity Zone |
Yes |
| Zoning | NWRAC-MUe - Northwest Regional Activity Center |
1 Lot Available
Lot
| Lot Size | 0.93 AC |
| Lot Size | 0.93 AC |
Watertower is a prime development site in Progresso Village, an emerging neighborhood bordering Flagler Village and Downtown Fort Lauderdale. Spanning nearly one acre, the site benefits from favorable NWRAC-MUe zoning.
Description
The property consists of two parcels totaling approximately 0.93 acres with NWRAC-MUe zoning in the Progresso Village neighborhood of Fort Lauderdale. It is located near Flagler Village, FATVillage, and the Brightline Station, offering walkable access to surrounding retail and entertainment venues. The site has existing plans for vertical residential development and falls within a designated Opportunity Zone.
1 1
Very walkable
80/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,195,400 | |
| Land Assessment | $1,620,000 | Total Assessment | $2,815,400 |
Property Taxes
Parcel Numbers
Land Assessment
$1,620,000
Improvements Assessment
$1,195,400
Total Assessment
$2,815,400
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