Sales  ·  Mixed Use

Related and BH Buy Another Development Site Near Diplomat Beach Resort

JV is approved to build a 38-story condo on the site

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Related Group and BH Group have gained control over 8 acres of development near the Diplomat Beach Resort in Hollywood, Fla., by purchasing a second lot from Trinity Investments and Credit Suisse.

The Miami Dade-based joint venture paid $21.5 million for a 4.5-acre site at 3690 S Ocean Drive, adjacent to the 1,000-room hotel, according to a spokesperson for Related. 

SEE ALSO: CenterPoint Closes Nearly $200M Industrial Acquisition in L.A.’s South Bay

In August, the joint venture acquired a neighboring 3.5-acre site at 3451 S Ocean Drive for $30 million. The two parcels combined are home to Diplomat Landings, which contains a 52,000-square-foot retail plaza, a private marina, and two above-ground parking garages.

The developers already have approvals for new developments on the property. In August, the Hollywood City Commission greenlighted a 38-story development with 350 condos on the larger lot as well as a 43-story condo-hotel with 500 rooms, branded by Hilton, on the smaller lot, per The Real Deal.

The sale comes months after Honolulu-based Trinity Investments and the asset management arm of Credit Suisse acquired the oceanfront resort for $835 million, making it one of the largest hospitality deals in the country this year.

Jaret Turkell of Berkadia brokered the recent parcel sale. A representative for Trinity has yet to provide comment.

Julia Echikson can be reached at jechikson@commercialobserver.com