WATCH: Jimmy Tate on where Bahia Mar stands

Video by TRD’s Alistair Gardiner

Developer Jimmy Tate caught up with The Real Deal South Florida Managing Editor Ina Cordle to give an update on his new plans for Bahia Mar in Fort Lauderdale at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April.

Tate said the project was facing too many headwinds, which prompted him to withdraw his original plans and submit a scaled down version of the large-scale redevelopment.

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Despite lowering heights, moving parking underground and other changes, the investment could total up to $2 billion, he said.

“It’s phased so [the investment is] fairly significant. Between the 650 residential units and the commercial and the hotel, it’s probably, from an investment standpoint, $500 [million], $600 million,” Tate said. “If we sell the condos, you’re talking a billion and a half, $2 billion.”

Tate was part of a panel discussion that covered the economics of new development amid a new administration and continuing global market fluctuation. To watch the panel in full, click here.

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