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Related, BH pay $30M for Hollywood Diplomat dev site
Joint venture is planning 38-story, 350-unit condominium adjacent to oceanfront resort
Related Group and BH Group paid $30 million for a condominium development site adjacent to the Diplomat Beach Resort in Hollywood, The Real Deal has learned.
The joint venture closed on Friday on the site at 3210 – 3690 South Ocean Drive, sources familiar with the deal said. Related and BH did not respond to requests for comment.
Jaret Turkell and Omar Morales with Berkadia brokered the deal. The seller is a joint venture between Honolulu-based Trinity Investments and Credit Suisse Management.
Berkadia’s Scott Wadler arranged a $20 million Bank Hapoalim USA loan for the buyers.
In June, Coconut Grove-based Related and Aventura-based BH obtained site plan approval from the city of Hollywood to build a 38-story tower with 350 condos on the vacant parcel abutting Diplomat Landing, the oceanfront hotel’s two parking garages and ground-floor retail component.
The frequent partners are also under contract to purchase a second vacant parcel at Diplomat Landing, where Related and BH have another city-approved site plan for a 500-key hotel rising 43 stories.
Both proposed unnamed projects are designed by Miami-based CFE Architects.
The 8-acre Diplomat Landing on the Intracoastal Waterway was part of Trinity and Credit Suisse’s $850 million purchase of the 1,000-room Diplomat hotel at 3555 South Ocean Drive earlier this year.
Trinity and Credit Suisse were previously looking for partners to co-develop the two vacant parcels.
Related, led by CEO Jorge Pérez and his sons Jon Paul and Nick, and BH, led by Liat and Isaac Toledano, are collaborating on several planned real estate developments in South Florida.
Last month, their joint venture submitted a proposed site plan for a mixed-use project in Plantation. Related and BH want to build Plantation City Center, a complex of nine buildings with 481 apartments, a combined 17,000 square feet of retail and 993 spaces divided between a garage and on-street parking.
Also last month, Related, BH and Teddy Sagi put a North Miami waterfront development site up for sale. The trio obtained city approval to develop a luxury condominium on the 1.1-acre site known as the former White House Inn on the Bay. The asking price is more than $25 million.