Related Group and BH Group are in comprehensive control of two waterfront progress sites in Hollywood, soon after shelling out $21.5 million for the 2nd parcel.
The joint enterprise acquired a 5-acre site at 3451 South Ocean Drive, adjacent to the oceanfront Diplomat Seaside Resort, according to a supply familiar with the offer.
The invest in also involves a marina and 62,000 sq. ft of present retail area on the ground floor of two interconnected garages recognized as Diplomat Landings. The garages are subsequent to the advancement web pages alongside the Intracoastal Waterway.
Jaret Turkell and Omar Morales with Berkadia represented the vendor, a joint undertaking involving Honolulu-primarily based Trinity Investments and Credit score Suisse, which owns the 1,000-area vacation resort at 3555 South Ocean Push and the garages.
Coconut Grove-centered Similar, led by Jorge Pérez and his sons Nick and Jon Paul, and Aventura-based mostly BH, led by Liat and Isaac Toledano, are proposing a Hilton-branded, 42-tale tower with 500 rental-resort models on the 5-acre internet site. Rooms/units would vary from 590 square feet to 1,275 square feet, representing a mix of one particular- and two-bedroom suites.
In August, Relevant and BH paid out $30 million for the other web site where the partnership is arranging a 38-tale high-increase with 350 condos. That parcel is at 3210 South Ocean Travel. The exact month, the Hollywood City Commission permitted a website strategy for the apartment venture, as well as an amended learn prepare for the two proposed developments.
In February, Trinity and Credit rating Suisse bought the Diplomat Seashore Vacation resort and the Diplomat Landings assemblage for $835 million, marking the largest hotel deal of 2023.
Connected and BH are partnering on various South Florida tasks. In September, the two firms joined forces with Boca Raton-dependent Pebb Enterprises to receive Ocean Stroll on Singer Island. The trio paid out $19.2 million for the floor lease on the 10.5-acre oceanfront retail plaza.
Relevant and BH are also co-creating a 9-developing multifamily and retail complex in Plantation as perfectly as Icon Aventura, a 26-tale mixed-use tower in Aventura that will have 275 condos, 20 workforce flats and 12,000 square toes of retail.
