The Real Deal Miami

Jimmy Tate’s scaled down plans for Bahia Mar score approval

City commission to vote on proposal in December
October 20, 2017 12:20PM

Renderings of Bahia Mar and Jimmy Tate

After years of back and forth between the city of Fort Lauderdale, opposing residents and developer Jimmy Tate, plans to redevelop Bahia Mar are finally moving forward.

A new proposal, submitted earlier this year, was approved by the city’s planning and zoning board on Wednesday, and will head to the city commission in December, according to the Sun Sentinel.

Tate, who leases the land from the city, withdrew his proposal for the project last year due to increasing opposition. Instead of two 39-story towers, the new plan would add seven, 11-story apartment buildings, surrounding dock space, restaurants and a small fishing village.

In September, Tate closed on $50 million in financing for the Bahia Mar Fort Lauderdale Beach – a DoubleTree by Hilton, boosting its mortgage to $135 million. The 40-acre, 296-key property recently underwent a $7 million renovation, including a redesign of the ballroom, guest rooms, common areas and meeting spaces. It will be demolished and replaced under the new plans.

Tate Capital is planning to invest at least $500 million redeveloping the waterfront property into a major mixed-use project.

The Fort Lauderdale International Boat Show is also set to remain at the Bahia Mar resort through 2050. [Sun Sentinel] – Katherine Kallergis