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

Miami /
Feb.February 28, 2019 12:45 PM

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.


Related Articles

arrow_forward_ios
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
From left: Rockpoint’s Bill Walton and Keith Gelb, 911 Southwest First Avenue and RPT Realty’s Brian Harper (Rockpoint, Google Maps, RPT Realty)
RPT Realty buys Shops at Mary Brickell Village for $216M
RPT Realty buys Shops at Mary Brickell Village for $216M
Lucid Investment Group's Andrew Rasken with 143 Southwest Ninth Street
Mexican developer-led JV plans Brickell apartment tower
Mexican developer-led JV plans Brickell apartment tower
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
arrow_forward_ios

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

Loading...