Three Major So-Fla Developers Join Forces to Acquire Hollywood Waterfront Site
- Aug 22, 2014
The Related Group, 13th Floor Investments and Key International teamed up to acquire a waterfront site in Hollywood, Fla. The joint venture plans to develop a mixed-use condominium-hotel project on the property.
The newly formed joint venture acquired the parcel through a foreclosure auction held in mid-August. The transaction was worth $10 million, which is how much the partners paid for the note before the auction. Key International and 13th Floor have collaborated in several projects beforehand – most recently in the development of 400 Sunny Isles in Sunny Isles Beach and 1010 Brickell in downtown Miami, but this is the first time for Related to join in on a deal.
The 2.4-acre site is located at 4000 S. Ocean Drive along the Intracoastal Waterway, directly across A1A from The Related Group’s Apogee Beach and Hyde Resort & Residences developments. The parcel benefits from close proximity to a number of regional destinations such as Aventura Mall, downtown Hollywood, Bal Harbour and Miami Beach. The Miami International and Fort Lauderdale-Hollywood International airports are also within easy reach.
President of the Related Group Condominium Division, Carlos Rosso sees great potential in the area. “As the condo market continues to expand northward, from Sunny Isles and Bal Harbour, we are seeing great appreciation in our Hallandale and Hollywood developments,” he said. “This is on track to become “the” place to be, on the sand north of Sunny Isles,” he added.
Construction of the mixed-use project is expected to begin in the second half of 2015.
Image source: Broward County Property Appraiser