Bahia Mar redevelopment scores final approval after years of negotiating
Mixed-use project slated for completion in 2028
Developer Jimmy Tate and his partners can now move forward with their plans to redevelop the Bahia Mar property on Fort Lauderdale Beach.
The Fort Lauderdale City Commission on Wednesday approved plans during a marathon meeting to bring apartment towers, a new hotel, restaurants, stores and marine space to the waterfront site, according to the Sun Sentinel. The eight-and-a-half-hour hearing ended at 3:30 a.m.
Tate’s plans include seven high-rise buildings with 651 apartments, a 256-key hotel, a five-story building with a grocery store, parking, office space, a yachting-amenities complex, marina village, public promenade and more. The developer expects the project to be completed by 2028, the Sun Sentinel reported. Kobi Karp is the architect.
Because the land is owned by the city, Fort Lauderdale will receive additional rent from Tate based on a 4.25 percent gross revenue fee. By the end of the 10-year construction and leasing period, the city would be getting up to $3.7 million a year, plus property taxes.
Increasing opposition to the project led the developer to withdrew its proposal for the project last year and submit new plans earlier this year.
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. It will be demolished and replaced under the new plans. Tate Capital is planning to invest at least $500 million to redevelop 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