The Real Deal Miami

Developers compete to build on city-owned land near I-95 in Hollywood

A city-designated selection committee will review four proposed projects Wednesday and make a recommendation to city commissioners
August 18, 2018 04:30PM

Rendering of 315-unit apartment building that Park Road Redevelopment LLC would build at 1600 S. Park Road in Hollywood (Credit: South Florida Business Journal)

Four developers are competing to win city approval to build on a 30.6-acre site just west of Interstate 95 in Hollywood.

The developers will present their proposed projects Wednesday to a city-designated selection committee, which will recommend one of the four projects to the city commission.

The developers proposed projects for 1600 South Park Road, now occupied by a public works facility owned by the city of Hollywood.

The costliest proposal in response to the city’s request for proposals came from ImmoCorp Ventures, a joint venture of ImmoCorp Capital and Azur Equities.

ImmoCorp Ventures would spend $250 million to build a 2.39 million-square-foot, mixed-use development called Hollywood Park. Immocorp Ventures’ proposed project would include 1,176 apartments, 112,160 square feet of retail space, 48,000 square feet of office space, 2,083 parking spaces and an adjacent sports complex spanning 12 acres.

Park Road Redevelopment LLC would spend $71.1 million to build 315 apartments, a 40,000-square-foot grocery store, another 25,000 square feet of retail space, a gas station and 850 parking spaces. Park Road Redevelopment is a joint venture among Birdman Real Estate Development, Collarmele Partners and Meyers Real Estate Group.

Prologis, which owns more than 15 million square feet of industrial space in South Florida, would spend $45 million to build two warehouse distribution facilities with 335,000 square feet of space.

Bridge Development Partners, with capital partners Banner Oak Capital and Texas Teachers Retirement Services, would develop two buildings with 364,500 square feet of industrial space and 490 parking spaces at a cost of $43.7 million. [South Florida Business Journal] – Mike Seemuth