Related & BH Secure 8 Acres for $51.5M Mega Development in Hollywood, FL

Major Development Site Near Diplomat Beach Resort Acquired by Related Group and BH Group

Florida's real estate scene is buzzing with the news of a significant acquisition by the Related Group and BH Group. The Miami Dade-based joint venture has recently gained control over an 8-acre development site near the Diplomat Beach Resort in Hollywood, Florida. The purchase is part of a strategic move to expand their real estate portfolio in the area.

The Acquisition Details

The joint venture has reportedly paid $21.5 million for a 4.5-acre site located at 3690 S Ocean Drive. This site is conveniently adjacent to the 1,000-room Diplomat Beach Resort. This recent acquisition follows their previous purchase in August, where they acquired a neighboring 3.5-acre site at 3451 S Ocean Drive for $30 million. Together, these two parcels form the Diplomat Landings, home to a 52,000-square-foot retail plaza, a private marina, and two above-ground parking garages.

Future Development Plans

Related Group and BH Group are not just acquiring land; they have big plans for these sites. The developers have already secured approvals for new developments on the property. In August, the Hollywood City Commission gave the green light for a 38-story development with 350 condos on the larger lot. They also approved a 43-story condo-hotel with 500 rooms, to be branded by Hilton, on the smaller lot.

Significance of the Deal

This acquisition comes on the heels of a massive deal where Honolulu-based Trinity Investments and the asset management arm of Credit Suisse purchased the oceanfront resort for $835 million. This deal was one of the largest hospitality transactions in the country this year. The recent parcel sale was brokered by Jaret Turkell of Berkadia, a renowned name in the real estate industry.

Conclusion

This acquisition by the Related Group and BH Group is a testament to the dynamic nature of the real estate market in Florida. It's a clear indication of the growing interest and investment in the area, particularly in the vicinity of the Diplomat Beach Resort. As the real estate landscape continues to evolve, industry professionals, investors, and prospective homeowners will be keenly watching the developments on these newly acquired sites.

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