Witkoff joins Ari Pearl’s mixed-use golf resort development in Hallandale Beach
Partnership closed on $55M loan
UPDATED, Sept. 17, 4:48 p.m.: Witkoff is partnering with Ari Pearl on the second phase of a mixed-use golf resort development in Hallandale Beach.
Pearl’s PPG Development and Premium Capital Resources formed a joint venture with Witkoff and secured $55 million in fixed-rate financing from ConnectOne Bank, according to a press release.
The first phase of the project is under construction at the 127-acre Diplomat Golf & Tennis Club site at 501 Diplomat Parkway. PPG and Michael Herman’s Premium Capital financed the construction of a 26-story, 250-unit luxury apartment tower with a $100 million loan secured in 2019.
The property includes an 18-hole Greg Norman-designed golf course, 10-court racquet center and a 48-slip marina.
The second phase that Witkoff is involved in includes extending the golf course, and adding a 15-acre golf practice facility, a clubhouse with food and beverage outlets, a spa and wellness center, ballroom and entertainment space, 60 hotel suites, and condo-hotel units.
Alex Witkoff, principal at the New York-based firm his father, Steve Witkoff, founded, called the project a “generational opportunity” to build a golf community in South Florida.
A Newmark team led by Dustin Stolly and Jordan Roeschlaub arranged the latest financing.
Witkoff and Pearl were not available for comment. Both developers have been increasingly active in South Florida. Witkoff recently partnered with Monroe Capital to acquire a nearly 5-acre site at Miami Worldcenter.
A partnership led by Louis Birdman had previously planned a $450 million redevelopment of the golf club. The partnership sold the Hallandale Beach property to Pearl’s Maltese Diplomat Owner LLC for $43.3 million in 2018.
SBE’s hotel arm, which was acquired by Accor Hotels, was expected to brand a portion of the project.