The Real Deal Miami

Related buys Hollywood condo-hotel site

Company pays $17M for 1.3-acre beachfront property
December 20, 2013 09:45AM

Hyde Resort & Residences rendering

Hyde Resort & Residences rendering

The Related Group has officially acquired the beachfront site of its planned Hyde Resort & Residences on Hollywood Beach development.

A company tied to Miami-based Related and New York-based Related Cos. paid $17 million for the 1.3-acre property at 4111 South Ocean Drive, South Florida Business Journal reported. The seller was a company managed by Fortune International Realty president Edgardo Defortuna. Fortune is marketing Hyde for Related.

The Fortune company paid $23 million for the property in 2005.

Hyde is a $200 million project. Plans for the 40-story tower include 367 condo-hotel units and 40 condos. The project is also scheduled for a 2016 completion. [South Florida Business Journal]Eric Kalis