By Dees Stribling, Contributing Editor
Hollywood, Fla.—A 1.6-acre oceanfront site in Hollywood, Fla., between Bal Harbour and Fort Lauderdale, which remains undeveloped in a neighborhood of tall residential towers and condos, has been put on the market by Aventura, Fla.-based Shefaor Development. Shefaor, which is active in South Florida, France and Brazil, is looking for a buyer outright, or a joint venture partner to participate in the development of the site.
The site is one of the few remaining undeveloped oceanfront parcels in the area, and with the upswing in the condo market in Florida, the company hopes that there will be interested parties for it. The Miami office of Ackman Ziff is leading the marketing effort for the undeveloped property, which has beach access and development plans already in place, designed by renowned architect Carlos Ott.
The success of any development on the site, however, would depend on the continued interest of condo buyers in metro Miami properties. So far the indications are good. Residential sales in metro Miami-Ft. Lauderdale were up strongly during last year—increasing a record 46 percent compared with 2010, according to the Miami Association of Realtors—put into high gear by interest among foreign buyers, especially Brazilians, Venezuelans and Argentines with cash to invest.
Moreover, purchases by Latin Americans in metro Miami aren’t confined to downtown Miami or Miami Beach any more, notes the Realtors. For example, suburbs such as Weston and Doral are popular among Venezuelans because of sizable Venezuelan expat populations there. Closer to the undeveloped Hollywood site, the Related Group broke ground in December on a 49-unit, oceanfront condo project called Apogee Beach in the town of Hallandale Beach, just south of Hollywood, reportedly marketing the property extensively to Latin American buyers.
The Hollywood site is already approved for a 477-room, 40-story hotel or condo-hotel with over 500,000 square feet of space. Moreover, city and county officials have indicated a willingness to approve up to 40 residential condo units in addition to the hotel or condo-hotel component. Under the approvals, up to 50 percent of the living area can be allocated for residential use, thus allowing units of up to about 5,000 square feet on average, with enough space remaining for units in the hotel or condo-hotel component. The approvals are good through 2016.