Related may redevelop aging Hollywood landmark

Miami /
Mar.March 11, 2017 10:40 AM

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


Related Articles

arrow_forward_ios
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
From left: Jorge and Jon Paul Perez, Larry Krueger, Isaac Toledano and Teddy Sagi with 6 Fisher Island Drive (Getty, Google Maps, Wanxiang America, YizhakToledano.org)
Related Group, partners close on $123M Fisher Island site acquisition
Related Group, partners close on $123M Fisher Island site acquisition
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
Rendering of spa planned at 1203 N Federal Highway (City of Hollywood)
Rags to riches: Upscale spa planned for former Hollywood homeless shelter site
Rags to riches: Upscale spa planned for former Hollywood homeless shelter site
(Getty)
Here are the resi projects planned for downtown Miami
Here are the resi projects planned for downtown Miami
Yizhak Toledano and a rendering of the project at 2261 Northeast 164th Street in Miami beach (Cohen Freedman, YizhakToledano.org)
BH Group: Big investments, big partners and big mystery
BH Group: Big investments, big partners and big mystery
BTI Partners CEO Noah Breakstone and a rendering of the new building at 1747 Van Buren Street (BTI Partners)
Hollywood’s Bread Building redevelopment project scores $83M loan
Hollywood’s Bread Building redevelopment project scores $83M loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...