Ari Pearl, BH3 to Convert Slate Rental Building Into Mondrian-Branded Condos in Hallandale

Key Points 

• 250‑unit luxury rental tower at 101 Diplomat Parkway will convert to Mondrian‑branded condos with units starting in the $900Ks. 

• Units range from 859 sf to 3,239 sf, including penthouses—available immediately to current tenants, with broader sales launching this summer.

• The building features 30,000 sf of resort‑style amenities—pool, spa, fitness, golf sim, movie theater—backed by a recent $225 M refinance from J.P. Morgan and Monroe Capital. 

Ari Pearl’s PPG Development and BH3 Management are switching gears on Slate Hallandale Beach, converting the 26‑story luxury rental tower into Mondrian Hallandale Beach Residences—marking Mondrian’s first standalone condo in the U.S. After stabilizing the asset and securing robust financing, the team is now targeting the strong local demand for move‑in ready, upscale condo homes. Below, we break down what investors, tenants, and brokers should know about this strategic pivot.

Conversion Strategy

From Rentals to Ownership

• Legal notices were served to existing residents, offering them first purchase rights before public sales begin. 

• The full sales rollout is planned for later this summer, with units in the high-$900Ks, reflecting the building's premium finishes. 

Diverse Unit Mix

• Configurations range from 1 bedroom (859 sf) to 4 bedroom penthouses (up to 3,239 sf)—appealing to a wide demographic: from downsizers to families.

Amenity Edge & Brand Power

Lifestyle Offerings

• Over 30,000 sf of resort‑quality spaces include a pool with cabanas, spa, fitness center, gulf simulator, movie theater, wine lounge, business center, outdoor fire pit, plus tennis and dog areas. 

Mondrian Brand Integration

• No hotel component—this is Mondrian’s first fully residential property. The brand will elevate interiors and public spaces to reflect its signature modern-luxe aesthetic, tapping into Accor One Living benefits.

Financing & Market Timing

$225M Refinance

• Secured via J.P. Morgan & Monroe Capital, this financing positions the project for success, enabling the conversion while cash flow continues from leases.

Market Alignment

• The pivot follows a broader trend of luxury rental-to-condo conversions, capitalizing on buyers who prefer immediate occupancy over waiting years for new builds.

What It Means for Investors & Brokers

• Investors: Access to turnkey luxury condos with strong amenities and brand cache.

• Tenants: Clear path to ownership without relocation, with enhanced unit features.

• Brokers: Opportunity to modestly pre-sell units before launch by educating tenants.

• Market & Lenders: This move reinforces confidence in multifamily-to-condo conversions backed by institutional financing.

The Slate-to-Mondrian conversion signals a strategic evolution in Broward’s luxury market, blending rental stability with the allure of owner-occupied condo life. With substantial financing, compelling amenities, and brand enhancement, this conversion is well-positioned to attract affluent buyers seeking immediate occupancy and lifestyle perks. For stakeholders—investors, tenants, brokers—the launch of Mondrian Hallandale Beach offers a timely entry into a high-end coastal residential niche.