Fort Lauderdale's mixed-use FATCity project is a step closer to fruition after development company BH3 bought into the downtown site for $23.125 million.

BH3, based in Aventura, through an affiliate bought a stake in the 2.8-acre site between Northeast Third and Fourth streets east of Andrews Avenue from an affiliate of The Traina Cos., a New York and Delray Beach-based holding group.

Traina assembled the site, retained an undisclosed ownership interest and entered into a joint venture making BH3 the master developer and Traina staying on as co-developer. The deal closed Jan. 25.