Developer Jimmy Tate just closed on $50 million in financing for Bahia Mar in Fort Lauderdale, property records show.
Tate’s Rahn Bahia Mar LLC boosted its mortgage to $135 million for the property at 801 Seabreeze Boulevard, home to the Bahia Mar Fort Lauderdale Beach – a DoubleTree by Hilton. The lender is Florida Community Bank. Records show Rahn Bahia Mar leases the property from the city of Fort Lauderdale.
In July, the 40-acre, 296-key resort announced a $7 million redesign of the ballroom, guest rooms, common areas and meeting spaces that will be completed in October. Rooms in the 181-room main tower will be upgraded with new carpets, furniture and fixtures. The main atrium will also feature a $50,000 chandelier, according to a press release.
Tate Capital is planning to invest at least $500 million redeveloping the waterfront property into a major mixed-use project. His scaled-down proposal includes adding seven, 11-story apartment buildings, surrounding dock space, restaurants and a small fishing village. Even the new plans have been met with opposition from residents who disapprove of a 651-unit apartment development and 250-room hotel on city-owned, Tate-leased land.
The Fort Lauderdale International Boat Show is set to remain at the Bahia Mar resort through 2050. The 250-slip marina fits 100 mega-yachts, 3,000 feet of parallel dockage and more than four miles of floating docks.
A spokesperson for the developer could not immediately be reached for comment.