Related Joins $1B Bahia Mar Development on Site of Fort Lauderdale Boat Show
By Julia Echikson January 13, 2023 5:06 pm
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Related Group, Miami’s largest condo developer, has joined the $1 billion Bahia Mar project, a move likely to jump-start the stalled mixed-use development planned on the site of the famed Fort Lauderdale International Boat Show.
The waterfront development — slated for 801 Seabreeze Boulevard, half a mile south of Las Olas Boulevard — will feature a 256-room luxury hotel, 410 condo units, 245 boat slips and 87,000 square feet for offices and retail space across at least four buildings. Bahia Mar’s cost is estimated at over $1 billion.
“Bahia Mar will be transformative, not only bringing considerable revenue to the City of Fort Lauderdale, but also providing its residents with a much-needed live-work-play experience,” Jon Paul Perez, president of Related and son of founder Jorge Perez, said in a statement.
The firm will co-develop the new master site plan, designed by Arquitectonica, alongside Rok Enterprises and Tate Capital, led by Jimmy and Kenny Tate. The Tate brothers have leased the 40-acre site from the City of Fort Lauderdale for years and first proposed a 600-unit redevelopment in 2017.
Bahia Mar has generated some opposition, namely from the company that runs the boat show. Last March, Yachting Promotions sued the Tates over a clause in the lease that prohibits the promoter from discussing the redevelopment with city officials. Yachting Promotions feared the new plans would shrink the allotted space for the five-day event, which is held each October.
But only a month later in April, Fort Lauderdale Commissioners approved a new, 50-year lease with Tate, paving the way for the redevelopment. The developers now say they have made accommodations for the show, though they have yet to disclose details. Representatives for Yachting Promotions’ parent company, U.K-based Informa, did not immediately respond to requests for comment.
The parcel, which faces the Intracoastal Waterway, now houses a Hilton Double Tree Hotel that’s set to be demolished. But it’s unclear when construction for Bahia Mar would get underway. A representative for the joint venture has yet to provide comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
