Raimundo Onetto’s Alta Developers is launching sales for a planned 238-unit Hollywood condo project, The Real Deal has learned.
The project was initially planned as a two-tower, 466-unit wellness-focused complex, replacing previous plans for a multifamily development. Onetto’s Alta is now launching sales instead for the planned 18-story, 238-unit Gaia Residences at 401 North Federal Highway in Hollywood, according to a press release.
Aside from the reduction in size, much of the project remains the same: Units will range from studios to three-bedrooms, with prices starting at $400,000, the release shows. Prices range up to $1 million for three-bedroom units, Onetto confirmed.
Fortune International Group is leading sales.
The building’s 72,000 square feet of amenities will include a pool, spa facilities, a fitness center and co-working spaces, the release shows. The design team includes CFE Architects and interiors firm ID & Design International. RH is furnishing shared spaces, and buyers will also have the option to buy units furnished by the brand. Construction is set to start next year, Onetto confirmed.
Onetto said the project is targeting local and first-time homebuyers. The average asking price works out to $850 per square foot, which is much lower than the average pre-development per square foot price in South Florida, he said.
He pointed to the significant population being displaced by Florida’s new condo regulations, many of whom cannot afford higher priced new development luxury condos.
“There’s no new condos for them to buy,” he said.
Onetto bought the 2-acre Gaia Residences site for $23 million in 2021, records show. Since then, he said Hollywood’s real estate market has emerged as a new hot spot for development.
A group of developers are planning Eturna, a seven-story, 36-unit boutique condo in Hollywood Beach. Construction is set to be completed this year. Related Group and BH Group also have their planned 37-story, 350-unit Icon Beach Residences, which is across from the Diplomat Beach Resort.