BH snags prime development site in northeast Florida

A top player in Florida’s condo game just snagged a prime piece of land in the Hammock Dunes master-planned community in Palm Coast.

BH Group paid an undisclosed amount for nearly 7 acres of oceanfront property, setting the stage for a luxury condo development with potentially more than 100 units, according to a news release. 

It’s the last large parcel in the Hammock Dunes community, which is home to two golf courses surrounded by a private beach. The seller was WCI Communities.

The site’s zoning allows seven- and 12-story buildings, totaling 128 condos. BH Group hasn’t revealed its plans for development.

BH co-founder Liat Toledano called the property one of the “last hidden treasures in the Palm Coast community,” which is almost an hour and a half northeast of Orlando. Most of BH’s assets are in South Florida. 

BH Group has made several big moves in Florida’s condo market since last year. In January, BH and Kolter Group went under contract to buy all 36 units at the Bahama Club in Naples for $102.6 million, or $2.85 million per unit.

That deal extended a successful partnership between BH and Kolter. The firms paid $24 million for the Crystal Beach Suites Miami Oceanfront Hotel in November. The venture also recently bought the former White House Inn property in North Miami for $20 million early this year, with plans to redevelop it into a boutique condo.

More recently, BH and Related Group won approval to build a 500-key hotel in Hollywood, Florida. In addition, that partnership bought a mixed-use property in Boca Raton last month for $48.5 million, with plans for potential redevelopment.