MG3 to build Parc Place on Young Circle in Hollywood

Project will have 433 apartments with retail space and a parking garage

Miami /
Sep.September 07, 2018 03:30 PM

Rendering of the project

More than a decade in the making, MG3 Development Group’s Parc Place, a mixed-use project planned for Young Circle in Hollywood, is now moving forward.

The Hollywood City Commission approved the 3-acre project this week, which will include 433 apartments, retail space and a parking garage.

An earlier proposal was approved in 2007, but was thwarted by the recession.

MG3 first purchased the site roughly 13 years ago. In the interim, it sold the property to residential developer WSG Development, which filed for bankruptcy in 2010. MG3 then bought the property back in 2013 out of foreclosure from Lehman Brothers for $6.75 million, according to published reports.

Parc Place will be built in phases, according to a Keith Poliakoff, a partner with Saul Ewing Arnstein & Lehr, who represents MG3. Phase I will be an 11-story, 330-space parking garage. Phase II will include 137 apartments in two towers. Phase III will consist of one 26-story curvilinear tower with 296 apartments. There will also be nearly 10,000 square feet of ground-floor retail space spread among all the buildings. The largest apartment tower will be built by an as yet unnamed high-rise developer, Poliakoff said.

Phase III of the project will have 11 artists’ lofts on the second and third floors of the building, for a total of 22 lofts, which will look out onto ArtsPark in Young Circle. Plus, there will be displays of the artists’ work outside of the building on printable mesh fabric, also facing ArtsPark.

MG 3 hopes to start construction of the parking garage in the spring of 2019. The developer doesn’t have an estimate of the cost of the project yet, Poliakoff said.


Related Articles

arrow_forward_ios
12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
Johnson & Wales sells more North Miami properties for $21M
Johnson & Wales sells more North Miami properties for $21M
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...