Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Project will have 324 rental units, 30K sf of commercial space
The Estate Companies paid $15.3 million for the development site in a downtown Hollywood area that is both historic and an Opportunity Zone.
The eight-story Soleste Hollywood Boulevard will have 324 rental units, nearly 30,000 square feet of commercial space and 475 parking spaces.
The developer bought the 2.3-acre site at 2001 Hollywood Boulevard, 2050 Tyler Street, and 115 and 121 North 21st Avenue, records show. The assemblage is an L-shaped section of the block from Tyler Street south to Hollywood Boulevard and between North 20th and 21st avenues.
An entity managed by Steven Berman, who is a project co-developer, sold the lots in four deals.
Soleste Hollywood Boulevard will replace the three-story building at 2001 Hollywood Boulevard that used to be the city’s first bank, although the ground-floor vintage vault will be incorporated in the project.
Hollywood founder Joseph Young developed the building, where First National Bank of Hollywood opened. Young also had his office there.
In December, city commissioners overrode a recommendation by an advisory board against demolishing the 93-year old structure. The building lost its original Neo-Classical architectural features as a result of renovations done in the 1940s, 1960s and 1980s.
The assemblage is within the Hollywood Boulevard Historic Business District, which was listed on the National Register of Historic Places in 1999.
The Hollywood project shows Estate, a prolific multifamily developer in Miami-Dade County, is venturing to other parts of South Florida.
Led by Jeff Ardizon and Robert Suris, South Miami-based Estate transformed the city of West Miami with the construction of several multifamily complexes under the Soleste brand. It has sold at least five of them, most recently the one at 6320 and 6290 Southwest Eighth Street to Dallas-based Westdale Real Estate Investment and Management for $82.9 million in June.
Westdale has purchased other Estate communities, including one near Miami International Airport for $93.8 million in August.