Related, BH buy Chetrit’s Pompano Beach dev site for $48M

Joint venture acquired 3.7-acre waterfront property approved for a mixed-use project

From left: Related Group Chairman Jorge Pérez, Joseph Chetrit, BH Group’s Liat and Isaac Toledano, and 20 North Ocean Boulevard (Getty, Google Maps, Related Group)
From left: Related Group Chairman Jorge Pérez, Joseph Chetrit, BH Group’s Liat and Isaac Toledano, and 20 North Ocean Boulevard (Getty, Google Maps, Related Group)

UPDATED, June 1, 5:10 p.m.

Related Group and BH Group can’t get enough of each other. Teaming up for the sixth time since 2001, the firms bought a Pompano Beach development site for $47.5 million, The Real Deal has learned.

A spokesperson for the joint venture confirmed Related and BH acquired a 3.7-acre waterfront property at 20 North Ocean Boulevard that has site approval for a mixed-use project. Centennial Bank provided a $28.5 million mortgage, the spokesperson said.

The seller is an affiliate of Chetrit Group, the New York-based real estate firm led by Joe Chetrit, records show. In 2009, Chetrit Group teamed up with Hallandale Beach-based developer Ari Pearl to buy the land for $9 million. Pearl pulled out of the project two years ago, a spokesperson said.

In 2016, the city of Pompano Beach approved a development consisting of a 24-story tower with 77 condos, and a 22-story, 303-key hotel with 49 condo-hotel rooms. The Chetrit and Pearl project, which was to be called Oceanside Pompano Beach, also entailed 9,875 square feet of restaurant space, 4,836 square feet of retail space, a 21,357-square-foot spa, a 12,300-square-foot banquet hall and nearly 600 parking spaces.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Related, the Coconut Grove-based development firm led by Chairman Jorge Pérez.and his two eldest sons Jon Paul and Nick Pérez, and BH Group, an Aventura-based development firm led by Liat and Isaac Toledano, are in the midst of a co-development spree.

In Hollywood, Related and BH are partnering with Honolulu-based Trinity Investments and Credit Suisse Asset Management, owners of the Diplomat Beach Resort, to build a proposed 38-story condominium with 350 units, and a 43-story hotel with 500 units on vacant parcels adjacent to the oceanfront 1,000-key hotel. Related and BH recently unveiled plans for the hotel, which will be a Hilton-branded property

In April, Related and BH paid $13 million for a 14-acre site in Plantation with an empty office building that can be redeveloped into a mixed-use project. The partnership is also developing Icon Aventura, a planned 26-story mixed-use building that entails 308 apartments, 12,000 square feet of ground-floor retail and a garage. Last year, Related and BH paid $51 million for the 4-acre site in Aventura. 

The two firms have also partnered with billionaire Teddy Sagi to co-develop a 10-story waterfront condominium with 53 units in North Miami, and a 50-unit luxury condo project on Fisher Island

Related is also bullish in Pompano Beach where the firm has several projects in the pipeline, including a 20-story, 105-unit condo project at 1116 North Ocean Boulevard.