1301 S Ocean Dr, Hollywood Beach, FL
The Related Group would rebuild the outdated Hollywood Beach Culture and Community Center that also houses library at 1301 South Ocean Drive, and develop a 30-story, 300-unit condo project on adjacent municipal land that the company would lease for a proposed 99-year term.
Related proposed construction of a two-story community center with 20,000 square feet of space, nearly 25 percent more than the existing community center. Related also would rebuild an adjacent public park, restore a nearby sand dune, and link the development site to the Hollywood Beach Broadwalk, a beachfront pathway for pedestrians and bicyclists.
Related also would build a 5,000-square-foot restaurant on the ground level of the new community center, which the company would lease to a restaurant operator.
The developer would build these public facilities, valued at $10 million, at no cost to the city.
According to its master plan for the project, Related would pay the city $400,000 of guaranteed annual rent on a 99-year ground lease, plus 30 percent of rental payments by the restaurant.
Related expects $280 million of total revenue from condo sales, or an average of about $930,000 per unit. Miami-based Arquitectonica would design the development with three levels of parking and amenities.
Average size of the condos would be about 1,500 square feet.
Related's entire project, including public and private portions, would cost an estimated $138 million and would take a bit more than two years to construct.
Related Group moved into its newly built Coconut Grove office!The Related Group, the biggest real estate developer in South Florida, had built a new eight-story Class A office building at 2850 Tigertail Ave., adjacent to the Park Grove luxury residential towers, which Related developed in joint partnership with Terra Group.Read more