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BH partners with Prime on Hallandale Beach condo-hotel project
JV acquired small dev site with plans for condos, hotel and retail
From left: BH Group’s Isaac and Liat Toledano, Prime Group CEO Larry Abbo and a rendering of the condo-hotel project at 804 South Federal Highway in Hallandale Beach (Getty, Cohen Freedman Encinosa & Associates, BH Group)
BH Group is partnering with Prime Group to develop a condo-hotel project in Hallandale Beach.
The joint venture is now shopping for a hotel brand to reside in the proposed 14-story building at 804 South Federal Highway, according to Isaac Toledano, who along with his wife, Liat, leads Aventura-based BH.
A site plan application for the development, which includes 138 condo-hotel units, 60 standard condos and 4,000 square feet of retail space, is pending before the city of Hallandale Beach.
An affiliate of BH and Prime, a Hollywood-based real estate development firm led by CEO Larry Abbo, paid $6.5 million for the 0.8-acre site near Gulfstream Park, records show. Centennial Bank’s Jay Brito arranged a $3.5 million land acquisition loan for the buyers.
The seller, an entity managed by Noah Slimak and Eduardo Wainberg in Hallandale Beach, bought the property for $5.1 million in 2013.
Prime, which developed Quantum at Flagler Village, a mixed-use project in Fort Lauderdale with 337 apartments and a 137-room Marriott-branded hotel, is the latest South Florida developer to team up with BH.
Coconut Grove-based Related Group, Delray Beach-based Kolter Group and Boca Raton-based Pebb Enterprises are among the firms partnering with BH on a slate of projects across South Florida.
Recently, BH, Related and Pebb paid $48.5 million for The Quay at 17th Street, a 7-acre mixed-use site in Fort Lauderdale that includes a shopping center, a two-story office building and a six-yacht marina. The partnership intends to redevelop the property, which has city approvals for a new mixed-use project with 361 residential units and 12,000 square feet of retail and restaurants.
Last month, BH and Kolter launched sales for Solana Bay, a planned 10-story waterfront condominium with 52 units in North Miami. The project is on a 1.1-acre site that was home to the White House Inn, a shuttered two-story hotel built in 1969.
In January, BH and Kolter paid $20 million for the Solana Bay site.
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