Related, BH submit plans for two-tower project near Diplomat resort
Developers propose 350-unit condominium and 500-unit condo-hotel
Related Group and BH Group’s latest project entails building a pair of luxury high-rises adjacent to the Diplomat Beach Resort in Hollywood.
The joint venture on Friday submitted a site plan application with the city of Hollywood to build a 38-story condominium with 350 units, and a 43-story condo-hotel with 500 units. The two-tower project would rise on a pair of vacant parcels between two parking garages with ground-floor retail at 3210 – 3690 South Ocean Drive.
Neither of the proposed buildings is yet named. Miami-based CFE Architects is designing the two skyscrapers, which would have views of the Intracoastal Waterway.
Related and BH are partnering with Honolulu-based Trinity Investments and Credit Suisse Management, the new owners of the 8-acre site known as Diplomat Landings, according to a source close to one of the developers. Spokespeople for Related and BH declined comment.
Last month, Trinity and Credit Suisse paid $466 million for the 1,000-room Diplomat Beach Resort at 3555 South Ocean Drive, and paid $69 million for Diplomat Landings, records show. The real estate was part of the overall $850 million purchase of the luxury hotel and its operations.
The landmark oceanfront property and the adjacent parcels hit the market for $1 billion in 2019, two years after the previous owner, Brookfield Properties, completed a $100 million renovation of the Diplomat.
After reported deals with Aventura-based developer Jeffrey Soffer fell through, Trinity went under contract last year.
Aventura-based BH Group, led by Isaac Toledano, is teaming up with Related Group, the Miami development firm founded by CEO Jorge Pérez, on a slew of South Florida projects. The joint venture recently submitted a site plan for Icon Aventura, a planned mixed-use project anchored by 208 apartments in Aventura. City officials are seeking to set aside 51 units at below-market rates for police officers and teachers in Aventura. In exchange, BH and Related would get additional density for Icon Aventura.
Related and BH are also negotiating a letter of intent with the Riviera Beach Community Redevelopment Agency to build an affordable housing multifamily project in Marina Village in Riviera Beach.