A high-rise apartment and hotel project is planned for an Opportunity Zone in Hallandale Beach.
Taplin Development Corp., led by Jack Taplin, received approval from the city to build 320 apartments and a 120-key hotel with a retail component across from Gulfstream Park, according to a release. The project will be called the Falls at Gulfstream and the property will consist of a 23-story building at 900 South Federal Highway.
The Class A property will have a rooftop bar overlooking the finish line at Gulfstream Park. The property is also adjacent to the Village at Gulfstream Park, an upscale shopping center.
The federal Opportunity Zone program allows developers and investors to receive a tax incentive if they invest in one of the more than 8,700 zones throughout the country. The program was designed to encourage investment in low-income and distressed areas, but has come under scrutiny as a tax break for wealthy developers.
“We are currently seeking Opportunity Zone joint venture equity to meet the end of the year zone deadline,” Taplin said in a statement.
Developers and investors can utilize the largest possible tax advantage by deploying capital into Opportunity Zones by the end of this year. Experts predict there will be a rush of investment from developers looking to take advantage of the benefit.
BC Architects is designing the project.
Taplin Development’s apartment portfolio includes the Falls at Marina Bay in Fort Lauderdale, the Falls of Pembroke, and Harbour House Bal Harbour.
Hallandale Beach, in Broward County, is just north of Golden Beach. Hallandale has historically had a reputation as a small beach town, but now is seeing an influx of new high-rise luxury development. New York City-based KAR Properties is building a 38-story, 64-unit luxury condo project called 2000 Ocean in Hallandale. Half-floor condos are priced between $2.8 million and $5.5 million. Last year, Integra Investments ArtSquare, a 386-unit apartment complex at 413 North Federal Highway in Hallandale, opened.