The Real Deal Miami

Hollywood approves mixed-use project on 31 acres of city-owned land

Three developers plan to build 315 apartments and 71K sf of retail space
By Mike Seemuth | February 28, 2019 12:45PM

A map of the mixed-use project

Hollywood commissioners approved a residential and retail development on about 31 acres of city-owned land on Wednesday just west of I-95.

Park Road Development LLC — a joint venture of Birdman Real Estate Development, Collarmele Partners and Meyers Real Estate Group — would build 315 apartments and a grocery store on the 30.58-acre site at South Park Road and Pembroke Road. The grocery store would occupy most of the project’s 71,000 square feet of retail space.

Michael Meyers, principal of Meyers Real Estate Group said obtaining site-plan approval for the development would take 12 to 18 months, and construction would take at least 24 months.

City commissioners ranked Park Road Development’s proposal first among four proposals to develop the site. The city issued a request for proposals to develop the site last year.

The commissioners approved a resolution directing the city manager to negotiate a purchase agreement and a development agreement with Park Road Development.

If negotiations with Park Road Development fail to produce agreements, the city manager would try to negotiate a deal with the company behind the second-ranked proposal, Bridge Development Partners. Bridge proposed construction of 364,500 square feet of industrial space on the site.

If negotiations with both companies behind the top-ranked proposals fail to produce agreements, the city manager would try to negotiate (in descending order) with the companies that proposed the third-ranked and fourth-ranked proposals.

The third-ranked proposal by ImmoCorp Ventures called for construction of a mixed-use development with about 600 apartments, nearly double the number in the first-ranked proposal.

Prologis submitted the fourth-ranked proposal to build 335,000 square feet of warehouse distribution space.

The industrial developments proposed by Prologis and Bridge would generate between $4 million and $5 million of tax revenue over 20 years.

The mixed-use development proposed by Park Road Development would generate $9.4 million of tax revenue over 20 years, compared to $16.1 million that ImmoCorp’s development would generate.

Park Road Development proposed paying $1 million to purchase the city-owned land and another $5.35 million to clean the contaminated site, where an incinerator previously was located.

Alternatively, Park Road Development would pay a $3 million purchase price if the city agreed to lease facilities on the site built by the company.