Gil Dezer’s Dezer Development is partnering with the Related Group to develop on an Intracoastal-to-ocean property in Hillsboro Beach.
Dezer sold the 12-parcel assemblage to Hillsboro Mile Property Owner LLC, a 50-50 partnership between Dezer and Related, for $30 million, according to Dezer and property records. Dezer told The Real Deal he plans to work with a luxury brand on the development.
The Related-Dezer entity closed on the roughly 12-acre property at 1174-1185 Hillsboro Mile, which includes lots fronting the Intracoastal Waterway and the ocean. It financed the purchase with a $26 million loan from Bank OZK, records show.
Dezer acquired the assemblage out of bankruptcy for $28.5 million in 2016. Homebuilder John Kennelly previously owned the property, which is zoned for up to 168 residential units.
“I bought that property in three days by seeing it on Google Earth,” Dezer said. “I knew it was a good deal, but I didn’t know what we were going to do with it at that time.
Dezer said it’s yet to be determined what the developers will build on the site. He previously sought increased density and height up to 30 stories for the development site, but the city preferred a less aggressive approach.
Read more
Popular
South Florida
Former Patrón Spirits CEO sells Hillsboro Beach mansion at loss, for $17M
Commercial
South Florida
BH3 buys shuttered beachfront Hillsboro Mile hotel for $13.5M, plans renovation
Related has been expanding outside of Miami-Dade County. In September, the company launched sales of Solemar, a luxury condo building in Pompano Beach.
Dezer, who developed the Porsche Design Tower in Sunny Isles Beach, has been busy working on plans for his Intracoastal Mall redevelopment. Dezer Development recently secured approval from the North Miami Beach City Commission that will allow the firm to move forward with its $1.5 billion mixed-use project.