The Real Deal Miami

Hollywood developer goes for less density

The $15M project will feature just 23 units

May 27, 2014 03:00PM

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6024 North Ocean Drive

6024 North Ocean Drive

It’s not every day that a developer builds dramatically less than possible at a site, but that is exactly what has happened at a $15 million, 3.3-acre Hollywood project.

Developers John Passalacqua and Malcolm Resnick of Seaside Hollywood North Beach LLC opted for less density when they began developing 6024 North Ocean Drive, the former home of the iconic restaurant Martha’s, according to the Daily Business Review.

“It was clear to everybody that the density was about half of what the developer could have put on the property,” said Seaside attorney Wilson Atkinson, a shareholder with Buchanan Ingersoll & Rooney | Fowler White Boggs in Fort Lauderdale. “The commission complimented the project on its design and compatibility with the neighborhood and approved it unanimously” Wednesday.

Seaside owns some 900 feet of waterfront property with entitlements for 61 units. The developer, however, proposed just 23 units across five three-story buildings set 60 feet apart on the waterfront.

We left a lot of money on the table. We really did,” Passalacqua said. “But we also wanted to do the right thing.” [DBR] Christopher Cameron

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