Listen to this article 5 min
Related Group and BH Group teamed to purchase a high-rise development site at the Diplomat Beach Resort in Hollywood for $21.5 million.
An affiliate of Honolulu-based Trinity Real Estate Investments and Credit Suisse Asset Management sold 4.5 acres at 3690 S. Ocean Dr. to Miami-based Related Group and Aventura-based BH Group. That includes a parking structure and about 52,000 square feet of retail at the marina along the Intracoastal Waterway. Jaret Turkell and Omar Morales of Berkadia brokered the deal. BHI Bank Hapoalim financed the purchase with a $13.2 million loan.
This is actually the second acquisition for Related Group and BH Group at the Diplomat site. In August, they paid $30 million for a 3.5-acre property. That gives them ownership of eight across on the west side of the 1,000-room hotel and convention center.
This opportunity for Related Group and BH Group came about when Trinity and Credit Suisse purchased the Diplomat Resort for $835 million in February. The developers placed those two additional parcels under contract at the time, and then filed plans with the city to build on them under the name Diplomat Landings.
Ultimately, Related Group and BH Group secured approval for 350 condos in 37 stories at 3451 S. Ocean Dr. plus 500 hotel rooms and 68,000 square feet of retail in 42 stories at 3690 S. Ocean Dr.
There’s been a boom of condo construction in coastal Broward County as more wealthy people move to the area.
Sign up here for the Business Journal’s free morning and afternoon daily newsletters to receive the latest business news impacting South Florida. For more business intelligence, follow us on LinkedIn, Facebook, X (formerly known as Twitter) and Instagram.
June 2022 starts
© 2023 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 24, 2023) and Privacy Policy (updated December 19, 2023). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American CityBusiness Journals.
Related Group, BH Group buy Hollywood development site for $22M – South Florida Business Journal – The Business Journals
Leave a comment