Jorge Pérez’s Related Group joined the development team of the planned Bahia Mar project in Fort Lauderdale, as the Miami-based firm continues expanding throughout South Florida.
Related entered into a joint venture with Jimmy Tate’s Tate Capital and Sergio Rok’s Rok Enterprises to redevelop the major mixed-use project at a site that is home to the Fort Lauderdale International Boat Show. The planned $1 billion-plus redevelopment of the property at 801 Seabreeze Boulevard has been in the works since 2014.
A larger version of the project was approved in 2017, but the developer faced legal challenges and the city rejected its plans as recently as 2021.
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Related is joining about nine months after the Fort Lauderdale commission approved leasing Bahia Mar to the Tate family’s entity for up to 100 years. Jimmy and Kenny Tate had an existing lease that had 40 years left on it, which the commission agreed to terminate.
Jon Paul Pérez, president of Related Group, told Bloomberg that Bahia Mar will likely be the company’s “largest selling project to date.” Bloomberg first reported the new joint venture.
To deal with the rising cost of development and challenges associated with securing financing, some developers are bringing on new partners to add more equity.
The master plan for Bahia Mar calls for a luxury 256-key branded resort with 60 condos, 350 residential units in four towers, a mega yacht marina with 245 boat slips, 87,000 square feet of commercial space, including waterfront offices and restaurants, retail and captain’s quarters, according to a press release and the previous approval.
Arquitectonica is designing the project, which also calls for a waterfront pedestrian boardwalk and greenspace, and access to the 35,000-square-foot Marina Village.
The Pérez family’s Related has been aggressively expanding in South Florida. In Palm Beach County, Related, Israeli billionaire Teddy Sagi and BH Group joined the mixed-use Transit Village project in West Palm Beach.
Related’s partnership with Steve Ross’ Related Companies recently ended, allowing both firms to operate in each other’s so-called “territories.” Ross, who also owns the Miami Dolphins, expanded into Miami with Related Companies’ plan to co-develop a supertall office tower at Swire Properties’ Brickell City Centre.