Maximiliano Mustafa Secures $21M Oceanfront Site for 25-Unit Condo Project

In a strategic move, Maximiliano Mustafa, CEO of Buenos Aires-based Pride Developments, has acquired a vacant oceanfront site in Hollywood for $21 million. This prime 0.8-acre location, nestled between Greenbriar and Hyacinth terraces, is earmarked for an exclusive 25-unit luxury condo project.

 

Strategic Acquisition: $21M Deal Seals the Oceanfront Site

Led by Mustafa, Pride Developments secured the prime oceanfront location at 1900, 1901, and 1915 South Surf Road. The purchase also encompasses adjacent lots, paving the way for a meticulously planned 25-unit condominium project. Financial details reveal a $15 million loan from the seller, Miami-based attorney Luis Stabinski, facilitating Mustafa's strategic entry into the South Florida real estate scene.

 

Fully Approved Project: Developer Maximiliano Mustafa's Debut in South Florida

Jennifer Snyder, Mustafa's attorney, confirmed that the acquired site is already fully approved for the envisioned 25-unit condo project. The ambitious plan, set to mark Mustafa's debut in South Florida real estate, was initiated with a 2019 application for a 12-story building spanning 76,500 square feet. Although the exact approval timeline remains unclear, Mustafa aims to expedite the development process, signaling a swift entrance into the local real estate landscape.

 

Hollywood's Growing Allure: A Beacon for Developers

Hollywood continues to attract developers eyeing prime locations along and near the beach. Recent plans by Condra Property Group for a sizable condo and apartment project along North Ocean Drive illustrate the growing interest. The proposal, leveraging the Live Local Act state law, signals a trend in developers bypassing local restrictions for projects incorporating affordable housing. Mustafa's venture aligns with this trend, adding to the transformative wave hitting Hollywood's real estate.

 

The Hollywood Skyline Shifts: Related Group and BH Group's Approved Ventures

In the same landscape, the Pérez family's Related Group and BH Group, led by Isaac and Liat Toledano, recently gained approval for a 37-story, 350-unit condo building on the Intracoastal Waterway. This high-profile project, situated across from the Diplomat Beach Resort, stands as a testament to Hollywood's evolving skyline. Additionally, the city greenlit Related and BH's proposal for a 500-key hotel, further solidifying Hollywood as a hub for dynamic real estate developments.