BTI Partners pays $16M for downtown Hollywood site of major mixed-use project

It would include retail, office and residential components

BTI Partners CEO Noah Breakstone and the property
BTI Partners CEO Noah Breakstone and the property

BTI Partners closed on a shopping center in downtown Hollywood, where the Fort Lauderdale firm plans to build a major mixed-use development.

Initial plans for the development would combine retail, restaurant, office and residential space, Noah Breakstone, CEO of BTI Partners, said in a prepared statement.

Publicly held Regency Shopping Centers sold the 3.25-acre Young Circle Shopping Center on the east side of Hollywood’s Young Circle for $4.8 million per acre. Cushman & Wakefield brokered the sale to BTI Partners. Regency had owned the shopping center since its 2017 acquisition of Equity One Inc., a real estate investment trust based in North Miami Beach.

The 64,574-square-foot shopping center previously was anchored by a 24,318-square-foot grocery store that Publix had operated since 1961. Walgreens still operates a store at the shopping center, but the vacancy rate increased after Publix relocated its grocery store in downtown Hollywood to the nearby Hollywood Circle mixed-use development in 2018.

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BTI Partners also is under contract to purchase another commercial property on the southeast side of Young Circle called the Hollywood Bread Building. BTI would demolish the building and develop a high-rise apartment building with ground-floor retail space on the site.

The combined cost of redeveloping both properties would be about $500 million and would represent the largest redevelopment effort west of the Intracoastal Waterway in Hollywood’s history, according to BTI Partners.

Among other projects, BTI Partners is developing a 347-unit condominium called Marina Pointe at the waterfront Westshore Marina District in Tampa. As the master-plan developer of the 52-acre Westshore Marina District, BTI also is co-developing properties there with Related Group, WCI Communities and Bainbridge Companies.

In Central Florida, BTI Partners recently acquired 1,400 acres near Orlando, a site that has been approved for two million square feet of commercial development and 5,000 residential units.

In 2013, BTI Partners acquired The Grove Resort & Water Park to finish construction of 878 vacation homes there. The property, formerly known as The Grove Resort & Spa, is a five-minute drive from Walt Disney World.