Years after taking on the city and losing in appeals court, a partnership including Château Group’s Manuel Grosskopf has sold a Hollywood Beach site where it once hoped to build a 15-story condo.
An entity led by Ulvi Mammadov bought the 1.2-acre site at 901 South Ocean Drive for $15.5 million, or about $12.5 million per acre, from GSK Hollywood Development Group, according to records.
The land, which faces the Intracoastal Waterway, is approved for the development of 48 townhouses, each rising two- to three stories, according to a news release from Franklin Street, whose Greg Matus and Adam Tiktin represented the sellers.
Alternatively, the buyer could choose to develop a 15-story mixed-use building with residences on the site, although that would require a zoning variance.
GSK, a joint venture between Grosskopf’s Château and Sunrise-based K Group Holdings, had planned a 15-story condo on the parcel before Hollywood city commissioners down-zoned an area encompassing the site, reducing the maximum allowable height from 150 feet to 65. GSK sued the city in 2009 but lost in appeals court.
Aside from Grosskopf, who leads Aventura-based Château, GSK Hollywood is managed by K Group chairman Joseph Kavana and executive Michael Besso, and Château’s Walter Fischer and Daisy Sotolongo, state corporate records show. GSK paid $3.9 million for the land in 2002.
Hollywood has seen some real estate development and investment sales activity in recent months. In June, the Estate Companies, based in South Miami, scored an $80 million construction loan for an eight-story, 324-unit apartment building under Estate’s Soleste brand at 2001 Hollywood Boulevard in June.
In May, the supermarket chain Publix, which is increasingly getting into real estate development, paid $12.8 million for a site at 3100 South Ocean Drive, which also faces the Intracoastal. The Lakeland-based chain can build a 30,000 square-foot store with a boat dock under current property entitlements.