Developer set to launch Hollywood luxury housing project

Rendering of the five houses planned for Elm Street
Rendering of the five houses planned for Elm Street

Housing market slowdown be dashed: Developer Robert Lechter is about to launch construction of eight single-family homes on a stretch of land in Hollywood Beach.

The project, known simply as North Beach Houses, is a group of modern, three-story homes planned for five parcels on Elm Street and three on Walnut Street. They come in either three- or four-bedroom configurations and range from 4,697 square feet to 5,531 square feet.

Lechter and his firm Real Estate Marketing Services is hosting a groundbreaking ceremony Wednesday for the homes, which have a starting asking price of $1.95 million, or $415 per square foot. Workers began installing foundation piles in November, and the project as a whole is expected to be finished in March 2018.

Designed by Joseph B. Kaller & Associates, the houses are being delivered fully furnished with contemporary features like ceramic floors, recessed lighting, smart home technology and European-style kitchens. Each has outdoor parking for two cars, elevators up to a rooftop deck with either a Jacuzzi or exercise pool, floor-to-ceiling windows and an air-conditioned garage.

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Rendering of the three Walnut Street houses

Douglas Elliman’s Darin Tansey and Laura Cresto are handling sales. The homes are being marketed to both end users and investors. A rental proposal from the sales team said the homes could generate $242,200 in revenue each if leased on a weekly basis year-round.

County records show Lechter, acting through two separate holding companies, assembled the eight parcels along Elm Street and Walnut Street last year for $5.15 million. The lots on Elm are vacant, while the Walnut Street parcels are currently occupied by older single-family homes. Their addresses are 302, 304, 306 and 308 Elm Street, along with 335, 339 and 345 Walnut Street.

The launch comes during a housing market slowdown in South Florida that’s disproportionately affected the luxury sector. A recent report from the Greater Fort Lauderdale Realtors association showed home sales took a steep dive in October, despite prices still rising.