Miami-based Related Group and Aventura-based BH Group are getting in position to redevelop the century-old Hollywood Beach Resort, the vacant centerpiece on Hollywood’s oceanfront.
Jorge Pérez, the founder and executive chairman of Related Group, and BH Group have the Hollywood Beach Resort and an adjacent parking garage under contract, Keith Poliakoff, a Fort Lauderdale-based attorney representing Related, told The Real Deal.
If Pérez and BH Group acquire the property, Related and BH Group, led by founder and CEO Isaac Toledano, would redevelop it, Poliakoff said. He declined to reveal the contractual purchase price. Related Group did not respond to a request for comment.
At a Hollywood City Commission meeting attended by Related executive Eric Fordin last week, Poliakoff mentioned without elaboration that Pérez and Related were working with New York City-based Chetrit Group, the owner of the Hollywood Beach Resort, to redevelop the property..
The Hollywood City Commission voted 6-1 at its June 17 meeting to affirm that any owner of the 4.5-acre property at 101 North Ocean Drive has a vested right to develop 398 residential units there.
Poliakoff said the city commission’s affirmation of a vested development right is a prerequisite for platting the Hollywood Beach Resort, which was built as a hotel in 1925 by developer Joseph W. Young, the founder of Hollywood.
“Before anything can happen, even rehab, it needs to be fully platted,” Poliakoff told the city commissioners.
Chetrit Group acquired the Hollywood Beach Resort through a bulk purchase of its condos and timeshares in a series of closings that concluded in 2023, but it did little else after residents vacated the property.
“This building was left to decay, and we had to take this owner to the [Broward County] Unsafe Structures Board,” said Hollywood City Commissioner Caryl Shuham, the only commissioner who voted against affirming development rights.
While some other properties in the central part of the Hollywood Beach area need renewal, “this property in particular has seen a cycle of deterioration and lack of reinvestment over the years,” Andrea Wingett, Hollywood’s director of development services, said at the commission meeting.
The family behind Chetrit Group has built a real estate empire threatened by defaults and legal judgments, but loan extensions have bought time. In 2024, for example, Joe and Jacob Chetrit got a one-year extension of the term of a $78 million loan from Madison Realty Capital to finance condo and timeshare acquisitions at the Hollywood Beach Resort.