The Real Deal Miami

Related buys distressed Hallandale Beach site

May 05, 2011 04:14PM

Jorge Perez’s Related Group is back on the offensive, snapping up a distressed Hallandale Beach site from TD Bank for $2.92 million, 60 percent off the value of original developer Daniel Kodsi’s $7.35 million mortgage. Kodsi, who had planned to build a 350-unit residential tower at the 2600 E. Hallandale Beach Bouelvard site, lost it to the bank in 2009. He had originally purchased the property for $10 million in 2005. The purchase by Related, which has lost big-name projects like Icon Brickell and CityPlace South Tower to lenders in recent years, comes on the heels of the company’s February acquisition of a foreclosed oceanfront site in Pompano Beach for $6.25 million. The company also bought an oceanfront site in Hollywood for $2.8 million after its developer went bankrupt, and is redeveloping Ireland’s Inn in Fort Lauderdale, which it bought for $27.1 million. [SFBJ]