Related and BH Buy Another Development Site Near Diplomat Beach Resort
JV is approved to build a 38-story condo on the site
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.
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.
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