Three co-developers have found buyers for about 40 percent of the units at Eturna, a boutique condominium on Hollywood Beach, and expect to complete construction of the project by fall.
They say pre-construction buyers have agreed to purchase 15 units in the seven-story, 36-unit development at prices as high as $1,400 per square foot.
The co-developers of Eturna are Mark Drachman and Allen Konstam, who run Miami Beach-based Condra Property Group LLC, and Husein Sonara of Hansford Boca LLC, who works out of Hollywood and New York and serves as the condo development’s construction manager.
A company controlled by Drachman and Konstam paid $10 million in 2021 to acquire the development site at 3319 North Ocean Drive, records show. It is just south of the Villas of Positano, a 12-story, 62-unit condominium that opened in 2007 at 3501 North Ocean Drive.
“There really hasn’t been a building built like this [Eturna] in Hollywood Beach since the Positano, which is basically almost two decades,” Drachman told The Real Deal.
Construction on Eturna started with completion of the foundation in November 2023, followed by a groundbreaking in April 2024 for the vertical structure of the building.
Drachman said Toronto-based Romspen Investment Corp. provided most of the $33 million in debt financing for the development, and together with equity investment, the total funding is about $50 million.
Hollywood-based Kaller Architecture designed Eturna with 26 units of 1,000 square feet to 1,500 square feet, and 10 villas of 2,300 square feet to 3,000 square feet.
Preconstruction asking prices range up to $3.75 million for the villas and up to $2.1 million for the condos, Sonara said. Buyers are required to deposit 20 percent of purchase price to reserve a unit.
He said buyers include South Florida residents who want to make Eturna their principal residence and residents of New York and other states along the East Coast, as well as foreign buyers who want to have second homes at the condominium.
The developers of Eturna have been active in Hollywood in recent years.
They paid $62 million last year to acquire Nine Hollywood, a 12-story, 204-unit apartment building on the corner of Jackson Street and Federal Highway just south of Young Circle in downtown Hollywood. They acquired the apartment building with funding from a New York-based entity called FundRebel.
“FundRebel is a crowdfunding platform that all three of us are involved in,” Drachman said. “It’s a startup that we put together to be able to raise funds from non-accredited investors so they can participate in institutional-grade real estate transactions.”
Condra Property Group had also planned a 17-story, mixed-use development at 2115 North Ocean Drive on Hollywood Beach with 282 apartments, including 114 workforce housing units with sub-market rents for tenants who earn up to 120 percent of the area median income. The area median income for Broward County is $96,200, according to the Florida Housing Finance Corporation. ‘
But Hollywood rejected Condra’s application to develop the mixed-use building at a height of 17 stories, so Condra filed a lawsuit against the city, contending the height is allowable under the state’s Live Local Act because of the development’s workforce housing component. “We’re definitely optimistic about the outcome,” Drachman said. “We have a very solid understanding of the law and what the state of Florida says we can and cannot do.”
Drachman said he and the other two co-developers of Eturna avoided public hearings for site plan approval and other entitlements for the condominium because the development site already had the entitlements necessary to start construction. “We purchased it [the site] from another developer who had already entitled the bulk massing and unit count, so we did not have to go through the land use process,” he said.
