Related plans low-rise multifamily project in Hollywood

Developer leased the 26.7-acre development site bisected by the C-10 Canal, with option to buy

Miami /
Sep.September 01, 2020 08:45 AM
Related Group Senior VP of Development Bill Shewalter and a site plan of the project (Related Group)

Related Group Senior VP of Development Bill Shewalter and a site plan of the project (Related Group)

The Related Group plans to build a 420-unit cluster of low-rise apartment buildings along a canal in Hollywood.

City commissioners last week unanimously approved a land-use plan amendment for the wooded, 26.7-acre development site with wetland areas and banks on the C-10 Canal.

Miami-based Related is leasing the land and holds an option to buy it, said Bill Shewalter, senior vice president of development in Related’s multifamily and mixed-use division.

The site is next to the Oakwood Plaza shopping center and near the Dania Pointe mixed-use retail development, both owned by New York-based Kimco Realty. A family owns the land through CF & A Hill Family Ltd.

“We have already entered into a long-term ground lease,” Shewalter said. “It’s structured so that the payments are modest for the first period [of the lease term], during which we are trying to get the entitlements done.”

Hollywood commissioners’ approval marks the first of multiple approvals that are necessary from county and state agencies to enact the land-use amendment. The project also hinges on a rezoning and site plan approval.

“If we never got the entitlements done, we would exit the ground lease,” Shewalter said. “Just about any agency you can imagine is involved,” he said, including the South Florida Water Management District, the Florida Department of Transportation, and the U.S. Coast Guard. But so far, “we’ve made a lot of progress with a lot of agencies,” he added.

A conceptual site plan for the Related development shows 15 three-story buildings, including five directly on the C-10 Canal, two clubhouses, two swimming pools, and a bridge over the canal for pedestrians and vehicles.

“It’s a spread-out, three-story walk-up building scenario,” Shewalter said. “A high-rise [development] costs a fortune .… To make economic sense out of a high-rise, the rents would have to be nearly double what you could expect to get in Hollywood.”

Related has shifted toward similar low-rise projects in other markets as well, due to the high cost of building skyscrapers, Shewalter said. “We have 20 like this” in various stages of development across the company’s three divisions, he said.

Related expects its Hollywood apartment project to attract people who work at Fort Lauderdale-Hollywood International Airport, Port Everglades, Dania Pointe, Oakwood Plaza, and hotels in the U.S. 1 corridor.

MSA Architects is designing the project, and Kimley-Horn is providing engineering services.

Shewalter declined to say whether the Hollywood multifamily development would include marine-related infrastructure along the navigable C-10 Canal, which was absent from a conceptual site plan that commissioners saw during a presentation at their meeting Wednesday.

“I am disappointed that we’re not capitalizing on the navigable waterway and putting in dockage space,” Hollywood Vice Mayor Kevin Biederman said at the meeting.

Hollywood Mayor Josh Levy agreed that “the developer ought to embrace the waterway. “If the waterway is wide enough to allow for docks or slips, this is a great thing that could turn this into kind of a maritime-oriented community,” he said.


Related Articles

arrow_forward_ios
Joseph Chetrit with Hollywood Beach Resort (Getty, Google Maps)
Investor alleges Chetrit cut it out of Hollywood Beach deal
Investor alleges Chetrit cut it out of Hollywood Beach deal
Alta principals Seth Wise and Joel Altman and rendering of Altra Kendall at 9501 Southwest 137th Avenue (Altman)
Altman scores $75M construction loan for Kendall multifamily project
Altman scores $75M construction loan for Kendall multifamily project
Related Group's Jorge Pérez and Related Companies' Stephen Ross
Watch: Billionaire breakup: Related moguls split up
Watch: Billionaire breakup: Related moguls split up
Mainstreet Capital Partners' Paul Kilgallon with rendering of 30-story rental tower in Flagler Village (Mainstreet Capital Partners, Getty)
Mainstreet wins approval for 30-story rental tower in Flagler Village
Mainstreet wins approval for 30-story rental tower in Flagler Village
Related Companies' Stephen Ross and Related Group's Jorge Pérez (Getty; Illustration by Kevin Rebong for The Real Deal)
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
A photo illustration of Moinian Group’s Joseph Moinian along with a rendering of Bezel Miami at 650 Northeast Second Avenue (Getty, Moinian Group)
Moinian nabs $185M refi for Miami Worldcenter apartment tower
Moinian nabs $185M refi for Miami Worldcenter apartment tower
From left: BH Group’s Isaac Toledano and Prologis' Hamid Moghadam (Getty, BH Group, Prologis, McDowell Housing Partners)
Miami-Dade dev flurry: BH eyes Ojus rentals, Prologis bets on Beacon Lakes expansion
Miami-Dade dev flurry: BH eyes Ojus rentals, Prologis bets on Beacon Lakes expansion
Abraham “Abie” Hidary and Eddie Hidary and Hidrock's David Huke with a rendering of the project planned for 1700 Northeast 164th Street (LinkedIn, RevereCRE)
Hidrock, Grupo Portland plan 400-unit rental tower in North Miami Beach
Hidrock, Grupo Portland plan 400-unit rental tower in North Miami Beach
arrow_forward_ios

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

Loading...