By Brosda and Bentley Realtors
In a bold move that underscores the booming real estate market in Hollywood, Florida, a Miami-based investment group has seized control of two prime waterfront development sites. The joint venture, recently closed a deal on a 5-acre parcel at 3451 South Ocean Drive, adjacent to the renowned Diplomat Beach Resort. This acquisition, worth a staggering $21.5 million, comes on the heels of a previous $30 million investment in another site at 3210 South Ocean Drive. Together, these strategic purchases position the group for a transformative project that aims to redefine luxury living in the region.
The Diplomat Beach Resort Connection: The 5-acre site acquired by the joint venture sits in close proximity to the oceanfront Diplomat Beach Resort, adding an extra layer of allure to the development. The purchase includes not only the expansive land but also a marina and 62,000 square feet of existing retail space on the ground floor of Diplomat Landings, two interconnected garages lining the Intracoastal Waterway. This well-positioned land bank offers a canvas for a visionary project that promises to elevate the hospitality and residential landscape in Hollywood.
The Proposed Development: The joint venture’s vision for the 5-acre site is grand and ambitious. Plans include a Hilton-branded, 42-story tower that will house 500 condo-hotel units. The unit sizes will range from 590 square feet to 1,275 square feet, encompassing a mix of one- and two-bedroom suites. This meticulously planned project aims to cater to the discerning tastes of residents and visitors alike, combining the comforts of home with the luxurious amenities synonymous with the Hilton brand.
Expanding Footprint: This venture is not the joint venture’s first foray into Hollywood’s real estate landscape. In August, the group secured the other site at 3210 South Ocean Drive for $30 million. This parcel is earmarked for a 38-story high-rise featuring 350 condos. The Hollywood City Commission has already given its approval for the site plan, signaling the green light for both ambitious projects. These strategic investments and approvals mark a significant milestone for the joint venture as it positions itself as a key player in the development and revitalization of Hollywood’s coastal area.
Historic Hotel Deal: In February of the same year, Trinity and Credit Suisse made headlines with the acquisition of the Diplomat Beach Resort and Diplomat Landings assemblage for a staggering $835 million. This landmark deal marked the largest hotel transaction of 2023, setting the stage for subsequent strategic developments in the vicinity.
The joint venture’s bold undertaking in Hollywood, Florida, is a testament to the region’s growing allure for real estate investors. With control over two significant waterfront sites, the Miami investment group is poised to reshape the city’s skyline with two iconic high-rises. As Hollywood undergoes a transformation, these developments promise not only to enhance the city’s appeal but also to establish the joint venture as a prominent player in the dynamic and lucrative South Florida real estate market.
Pre-Construction sale by Brosda and Bentley Realtors (305) 788–9393.
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