Italian developer plans 180-unit apartment project in Hollywood

Calta Group paid $9.5M for the 1.6-acre site

Miami /
Apr.April 27, 2022 01:30 PM
Hollywood (Reinaldo Borges of Borges Architects & Associates, iStock) Miami

Hollywood (Reinaldo Borges of Borges Architects & Associates, iStock)

An Italian developer closed on the site of a planned Hollywood apartment project, adding to a growing pipeline of multifamily developments in South Florida.

Coral Gables-based Calta Group, led by founders and brothers Ignazio and Gaetano Caltagirone, and Managing Partner Igor Blatnik, paid $9.5 million for the 1.6-acre property at 2215 Hollywood Boulevard. Calta plans an eight-story, 180-unit development on the site, Gaetano Caltagirone said.

The $70 million project, designed by Reinaldo Borges of Borges Architects & Associates, will include a pool, business center, gym, live-work spaces and ground floor retail, according to a press release. Construction is expected to begin in the fourth quarter.

Property records show Hollywood Construction & Development LLC, led by Joseph Horn, sold the site to Calta. The property is currently home to low-rise commercial buildings. It’s west of Young Circle in downtown Hollywood.

The Caltagirones, who have been investing in South Florida since 2008, are part of a real estate dynasty in Italy. In South Florida, Calta has more than $150 million in planned projects, including luxury single-family homes in Coral Gables, Pinecrest and South Miami, Caltagirone said.

The two Caltagirone brothers left the family business in Europe and began buying single-family homes in Hollywood and Hallandale Beach during the recession. They renovated the houses and sold the portfolio in 2012 to two large funds, Caltagirone said.

The Hollywood project is their first multifamily development.

Rents and occupancy rates have been rising to record levels in South Florida, as out-of-state residents flood the market, and multifamily developers have taken note. Miami led the U.S. in rent hikes during the pandemic, with the median rent spiking 58 percent to about $3,000 per month in March, compared to March 2020, according to a Realtor.com report.

In the Hillcrest area of Hollywood, the owner-operator of the Nautilus Apartments recently won renewed approval to expand the property to 277 units.





    Related Articles

    arrow_forward_ios
    Renderings of Koosh Living (Kaller Architecture of Hollywood)
    Dania Beach approves 231-unit multifamily development with mostly studio apartments
    Dania Beach approves 231-unit multifamily development with mostly studio apartments
    The apartment building at 1770 Meridian Avenue, Miami Beach with Victory Investments Group CEO Anil Monga (Google Maps)
    Hotel Astor owner buys Miami Beach apartment building
    Hotel Astor owner buys Miami Beach apartment building
    Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    From left: David Huke, Alex Karakhanian, and Abraham Hidary with 1601 North Miami Avenue (LoopNet, Hidrock Properties, LNDMRK Development)
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    The Boardwalk Apartments at 460, 470 and 520 East McNab Road in Pompano Beach (Apartments.com, Google Maps)
    KVR Properties pays $26M for Pompano Beach apartment complex
    KVR Properties pays $26M for Pompano Beach apartment complex
    Moderno Development managing partner Doron Broman and a rendering of Rivr Lofts (Cube 3, Moderno Development)
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    arrow_forward_ios

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

    Loading...