Naya USA Seeks to Rezone Six-Acre Fort Lauderdale Office Site

Naya USA Investment & Management is seeking to rezone its 6-acre office site at 6301 NW 5th Way in Fort Lauderdale’s Corporate Park at Cypress Creek for multifamily use, a change that could allow up to 300 residential units on the property. The site is held under Lakeside 6301 LLC, the title-holding entity for the five-story, 123,339-square-foot building known as Lakeside Plaza, which Naya bought in December 2017 for $17.65 million.

Why it matters

A six-acre office park a quarter mile from the Cypress Creek I-95 interchange trading its tenants for apartments is the office-to-residential story South Florida keeps living out one parcel at a time. Cypress Creek has been the address for this trade all year, with Feldman Equities and Greystar already converting the 13-acre Pinnacle Corporate Park nearby to 310 units under the city’s Uptown Urban District designation. Naya’s move signals that owners of aging 1980s office stock in the corridor see more value in the land under a residential entitlement than in re-tenanting the building. For developers scouting Broward infill, every conversion like this one removes a comparable office building from the market and adds a data point on what the county will approve.

The numbers

The Broward County Property Appraiser carries the folio, 4942 10 29 0240, at a 2026 just value of $18.4 million, up from a $17.66 million sale price when Naya acquired the property. Land alone is valued at $5.24 million on 261,829 square feet, or roughly $20 a square foot, well under what recently rezoned multifamily sites in the same corridor have commanded. The building, built in 1983 and 1984, carries $13.2 million of that value as office improvements that a residential conversion would likely write off. Set against a potential 300 units, the proposal implies a land basis of well under $20,000 a door before any entitlement premium, a discount to recent Fort Lauderdale apartment land trades.

What’s next

The South Florida Business Journal reports the rezoning has been proposed but does not report a scheduled public hearing, and the city’s own Development Review Committee and Planning and Zoning Board have not yet posted an agenda item tied to the parcel. Any change from the site’s commercial office zoning to a multifamily designation will need to clear both bodies before reaching the South Florida city commission. Watch for a Development Review Committee submittal referencing the Lakeside 6301 folio, which would be the first hard sign the application is moving, and for whether Naya pursues the same Uptown Urban District path Feldman and Greystar used a few blocks away.