101 N Ocean Dr., Hollywood, FL 33019
Hollywood Beach Resort to get replaced with two towers?
Less than 4 weeks ago, the association had received an offer from a group of investors with two options -agree to sell the unit at $370 per foot or stick around and agree to obtaining the same size brand new unit once construction is complete. 81% of the owners would have to jump on this in order for the development of two towers -condo and condo-hotel to materialize. Currently there are 55 hotel units active for sale on the market starting from $67,000, am sure those sellers would jump on $370, because that would mean $129,000.
2-3 years rumors had it that Related Group was in contract to buy all the build up the two towers -contracts at that time were much higher, I think they were in $230's for the 310 sq. ft. units, that's a pretty big difference...my understanding was that the buyer was not able to get the math to work and had backed out, could this be a revisit??
Either way, there's going to be exchange of hands happening, because the hotel is in really bad shape, and its only getting worse. But the location is AAA, located on the boardwalk and next to the beach.
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