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Tavistock buys the Sails land and marina, scores $50M loan for Pier 66 site in Fort Lauderdale
Orlando-based firm paid $163M for the 27-acre Pier Sixty-Six property in December
UPDATED, 5:05 p.m., July 12: Tavistock Development Company acquired a nearly 8.5-acre waterfront property and closed on a $50 million loan for the Hyatt Regency Pier Sixty-Six hotel and marina in Fort Lauderdale, The Real Deal has learned.
Property records show Tavistock paid $24 million for The Sails Hotel Marina & Shops site at 2040 Southeast 17th Street.
The Orlando-based firm used the financing to close on the Sails property, a spokesperson told TRD. Tavistock President Jim Zboril said in a statement that the firm doesn’t have immediate plans for the Sails property. Citibank provided the financing. The vacant site was formerly the Best Weston Hotel Marina Inn.
A closing price was not immediately available in public records. The seller is JDM Harbor Heights LLC, a company tied to Fort Lauderdale-based Dettman Properties.
“We knew it presented interesting opportunities to potentially align with our development at Pier 66,” Zboril added in his statement. The company now controls nearly 36 acres in Fort Lauderdale.
In December, Tavistock paid nearly $163 million in cash for the 27.2-acre property at 2300 and 2301 Southeast 175th Street. That deal included the 384-room, 17-story Hyatt hotel with a rotating, panorama rooftop, a 127-slip marina and developable land.
The site also has been approved for the mixed-use development of 58 residential units in two 11-story buildings with retail and office space exceeding 30,000 square feet. The $50 million loan is not for the planned development, Nick Beucher, a Tavistock asset manager, said.
Tavistock acquired the hotel and marina site in December from the Blackstone Group. The deal was one of the biggest commercial sales in Broward County last year.
Blackstone acquired the Pier 66 property from H. Wayne Huizenga’s Boca Resorts Inc. in 2004 in a $1.25 billion deal together with the Boca Raton Resort & Club and a lease on the Bahia Mar hotel and marina in Fort Lauderdale. The New York-based private equity firm sold the Bahia Mar lease in July 2014 and listed the Boca Raton Resort & Club for sale later that year.
In Orlando, Tavistock is known for Lake Nona, a 14-square-mile community the firm founded and developed in Central Florida.