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

TRD 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
Jason Tenenbaum of Prologis, Stephanie Rodriguez of Duke Realty and Ross Giglio of Terrano Realty

Industrial development, rents and leasing stable in South Florida, but uncertainty remains: panel

Industrial development, rents and leasing stable in South Florida, but uncertainty remains: panel
27359 South Dixie Highway and Longpoint Realty Managing and Founding Partner Dwight Angelini (Google Maps)

Longpoint buys Fresco Y Mas-anchored center in Naranja

Longpoint buys Fresco Y Mas-anchored center in Naranja
Hard Rock Cafe at Bayside Marketplace (Hard Rock)

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
Ron Bergeron with 3310 Northwest 24th Street (Credit: Facebook and Google Maps)

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis
10245 Collins Avenue and (clockwise from top left) Taylor Collins, Bruce Eichner, Phil Gutman and Louis Birdman (Google Maps)

Searching for land: Bruce Eichner, Two Roads vie to buy out aging Bal Harbour condo for over $100M

Searching for land: Bruce Eichner, Two Roads vie to buy out aging Bal Harbour condo for over $100M
arrow_forward_ios

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

Loading...