Related, BH Land $360M to Build Waterfront Condo Tower in Hollywood, Fla.

By Julia Echikson April 23, 2026 1:15 pm

Related Group's Nicholas Pérez (top), BH Group's Isaac Toledano (center), Tyko Capital's Adi Chugh, and a rendering of Icon Beach Waterfront Residences. PHOTOS: Courtesy Related Group; Courtesy BH Group, Courtesy Tyko Capital; RENDERING: Courtesy ARX Creative

The Pérez family’s Related Group and BH Group secured a $360 million construction loan from Tyko Capital for a waterfront luxury condo tower in Hollywood, Fla., Commercial Observer has learned.

Called Icon Beach Waterfront Residences, the 38-story development will house 350 units at 3724 South Ocean Drive, facing the Intracoastal Waterway, adjacent to the 1,000-room Diplomat Beach Resort. The sellers of the development parcel were the owners of the Diplomat resort — Trinity Investments and Credit Suisse, later acquired by UBS — which had purchased the oceanfront asset for $835 million in 2023.

Construction is expected to start next month and be completed by 2028. Amenities will include an on-site marina and full-service beach club. Condos will include one- to three-bedroom residences, ranging from 948 to 2,580 square feet. Cohen Freedman Encinosa & Associates served as the architect, while Meyer Davis drew up the interiors.

“Icon Beach Waterfront Residences is exactly the kind of opportunity Tyko Capital seeks – a differentiated asset in a market with strong and sustained demand,” Adi Chugh, founder and CEO of Tyko Capital, said in a statement.

“Buyers are increasingly recognizing Hollywood as one of South Florida’s most desirable addresses,” added Isaac Toledano, founder of BH Group. A representative for the sponsors has yet to provide sales figures.

The developers assembled the nearly 8-acre parcel in 2023, paying a combined $51.5 million. A portion of the land is home to the Diplomat Landings, which contains a 52,000-square-foot retail plaza and a two-story parking garage. The mixed-use building will remain, with the new development rising immediately to its south.

Related Group, Miami’s largest condo developer, and BH Group have become frequent collaborators, often partnering on luxury condo developments. Just last month, the pair secured a $200 million construction loan for a 27-story, 138-unit high rise in West Palm Beach. This week, one of the project’s penthouses went under contract for $14.5 million.

Since launching in 2023, with the backing of Elliott Management, Tyko Capital has become one of South Florida’s most prolific lenders, providing the debt for Oak Row and Oko’s $520 million acquisition of waterfront developable parcels in Miami’s Brickell district and most recently a $410 million construction loan for Terra’s condo development in Coconut Grove.

Julia Echikson can be reached at jechikson@commercialobserver.com.