Miami-based Related Group may buy out condo owners at Hollywood Beach Resort and redevelop the aging, mixed-use property with hotel rooms, residences and commercial space.
The landmark property, built in 1925 by Hollywood founder Joseph Young, has a beachfront location where the eastern end of Hollywood Boulevard intersects State Road A1A.
Clotilda Sepe, a retired accountant who has owned a condo at Hollywood Beach Resort since 1990, told the Sun-Sentinel that Related Group has circulated offers to buy out the owners of condos in order to redevelop the property.
Two weeks ago, Related informed the condo owners that 60 percent of them were willing to sell their units, Sepe told the newspaper.
Sepe also told the Sun-Sentinel that Related probably will succeed in buying most of the condos at Hollywood Beach Resort because “they are offering a fair price” and because the resort has building code violations that will cost $10 million to fix. “If we don’t sell out to Related, we are going to get hit with a huge assessment,” Sepe told the newspaper.
A spokeswoman for Related Group declined to comment.
Hollywood Beach Resort, which spans a 10-acre parcel at 101 North Ocean Drive, has multiple owners, including 360 condo owners and 36 timeshare owners. A two-story retail building on the property has two different owners.
A parking garage on the property has yet another owner, who is represented by Lon Tabatchnick, the developer of the Margaritaville Hollywood Beach Resort at 1111 North Ocean Drive.
Tabatchnick told the Sun-Sentinel that Hollywood Beach Resort is “in a state of disrepair” with a “failing condominium in the middle of the property,” and most of the commercial space there is either “closed or failing.” [Sun-Sentinel] — Mike Seemuth