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Related, BH plan $50M Hilton-branded hotel next to Diplomat Beach Resort
Joint venture is proposing 42-story tower with 500 rooms or condo-hotel units in Hollywood
Related Group and BH Group plan a Hilton-branded hotel next to the Diplomat Beach Resort in Hollywood.
The developers are proposing a $50 million, 42-story tower with 500 rooms or condo-hotel units at 3451 to 3690 South Ocean Drive, according to a site plan and documents submitted to the city of Hollywood. The joint venture has not decided if the project will be a full hotel or condo-hotel.
The planned tower would rise on one of two vacant parcels between two parking garages with ground-floor retail adjacent to the 1,000-room Diplomat. In February, Honolulu-based real estate investment firm Trinity Investments and Credit Suisse Asset Management acquired the oceanfront luxury resort, the garages and the development sites for $850 million.
Trinity and Credit Suisse are partnering with Coconut Grove-based Related and Aventura-based BH to develop the Hilton-branded project and a 38-story condominium with 350 units on the other vacant parcel. Spanning 8 acres, the garages and the development sites front the Intracoastal Waterway.
Next week, the Hollywood Technical Advisory Committee is scheduled to review the Hilton-branded hotel, which will also include 65,000 square feet of parking spaces, the site plan and city documents show. Miami Lakes-based Cohen Freedman Encinosa & Associates is the project architect.
Rooms/units would range from 590 square feet to 1,275 square feet, representing a mix of one- and two-bedroom suites.
Related, led by Chairman Jorge Pérez, and BH Group, led by Liat and Isaac Toledano, are partnering on a slate of new projects in South Florida. Last week, the North Miami City Council approved a redevelopment plan for the shuttered White House Inn proposed by Related, BH and partner Teddy Sagi.
The partnership proposed to tear down the two-story hotel on a 1-acre development site at 2305 Northeast 123rd Street. In its place, the joint venture plans to build Icon Residences, a 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street.
In April, Related and BH paid $13 million for an empty office building in Plantation that has city approval for redevelopment as a mixed-use project. The two firms are also teaming up to develop Icon Aventura, a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail and a garage on 4 acres in Aventura.