Hollywood Set for Development Surge? Votes Scheduled for Diplomat Landing Towers and Three Rental Projects
June 16, 2023
Investors Place Bets on Hollywood’s Multifamily and Luxury Condominium Markets
Hollywood’s real estate scene is exciting as developers place their confidence in the city’s thriving multifamily and luxury condominium markets. Four notable projects are awaiting approval from city officials, including three apartment projects set to introduce nearly 90 new rental units and a magnificent two-tower luxury condo and condo-hotel development adjacent to the renowned Diplomat Beach Resort. The Hollywood Planning and Development Board will vote on these projects during Tuesday’s meeting.
Diplomat Landing:
The esteemed Related Group, led by the Pérez family, in collaboration with the Toledano family’s BH Group, has ambitious plans to construct a 38-story condo tower comprising 350 units and a breathtaking 43-story condo-hotel offering 500 keys. These remarkable structures will be erected across the street from the Diplomat Beach Resort on a 19-acre site called Diplomat Landing at 3451-3690 South Ocean Drive, commanding captivating views of the Intracoastal Waterway.
Sources from The Real Deal have previously confirmed that Related and BH have joined forces with Trinity Investments and Credit Suisse Management, who own both the resort and the Diplomat Landing site. In February, Trinity, headquartered in Honolulu, and Credit Suisse collectively acquired the properties, including the hotel operations, for $850 million.
An entity associated with Trinity requests the city’s planning board to amend Diplomat Landing’s master development plan, allowing for the construction of the condo and condo-hotel towers. The development plan is a guiding framework that dictates the site’s optimal construction approach.
Residences at Beverly Park:
NuRock Properties, a development firm based in Alpharetta, Georgia, aims to establish an affordable apartment project in Hollywood’s Beverly Park neighborhood. The proposal involves a 10-story building on a 1.8-acre site at 6015 Washington Street, featuring 115 rental units and 750 square feet of retail space, as outlined in the planning board’s agenda. Referred to as Residences at Beverly Park, the project comprises 17 one-bedroom apartments, 69 two-bedroom units, and 23 three-bedroom units.
NuRock has entered into a contract to acquire the development site at an undisclosed price. A two-story office building and a parking lot occupy the area. In December, the Hollywood city commissioners expressed their support for NuRock’s proposal over a competing one by the Housing Trust Group for a 100-unit low-income apartment development in the downtown area. The commissioners even voted to provide NuRock with a $640,000 loan to aid their application to the Florida Housing Finance Corporation for federal low-income housing tax credits, which will help fund the project. During the upcoming vote, the planning board will assess the project’s design and site plan.
Lincoln Street Apartments:
An affiliate of Miami-based Ark Ventures is proposing a 48-unit apartment building, Lincoln Street Apartments. Per the planning board’s agenda, the project envisions a five-story building on a 0.6-acre site at 1935-1951 Lincoln Street. The apartment units are planned to comprise 36 one-bedroom units and 12 two-bedroom units. The developer, led by founder Isaac Khabie, is seeking the city’s approval for the project’s design and site plan.
Lincoln Village:
Among the projects awaiting a vote, an enchanting proposal for a 37-unit apartment development known as Lincoln Village is under consideration. Backed by an entity associated with Weston-based Red Octopus Architecture, led by esteemed Argentine architects Yanina Mauro and Walter Rua, this endeavor aims to bring forth a four-story building featuring 33 apartments. Additionally, the plan includes a separate building housing four two-story townhouses, as detailed in state records and the planning board’s agenda. The envisioned project is set to occupy 0.6 acres of land at 2327-2329 Lincoln Street. The developer eagerly anticipates securing approval for the design and site plan as they strive to make Lincoln Village a splendid addition to the community.
