HOLLYWOOD, Fla. — A swank 30-story luxury condo could be coming to Hollywood beach, joining a parade of soaring high-rises in a town known for its beachy vibe. Only this one would skirt height restrictions and could lock the city into a bad deal for practically a century.
The 4-acre parcel, currently valued at $35 million, would be transformed into a posh new destination under a proposal masterminded by one of South Florida’s most prolific developers, the Related Group.
Related would build a new park and community center right next to primo condos that would sell for up to $2 million. Details are still being worked out, but the developer is proposing to lease the city-owned property for 99 years, and the development would revert to the city after that.
Critics say the new 365-foot condo — seven times the height allowed on private property — would tower over beachfront land that’s now home to a small park and community center less than a mile south of Hollywood Boulevard. After the South Florida Sun Sentinel raised questions about the financing, city officials are analyzing whether Related should pay more.
Eric Fordin, senior vice president at the Miami-based company, said the project could break ground as soon as next year and be finished by 2024.
A longtime resident of Hollywood, Fordin said he’s had his eye on the site at 1301 South Ocean Drive for a while now.
“I knew it wasn’t in great shape and I thought we could build them a new community center, a new park, and from the private side we could build an amazing development,” said Fordin, who is spearheading the project with Nick Perez, company vice president and son of founder Jorge Perez. “All the stars aligned.”
The new development would bring a new energy to a quiet section of Hollywood’s beach without destroying its chill vibe, Mayor Josh Levy says.
“A new park and play area and a new fresh ambiance for those who use the center,” Levy said. “And they’d have a gathering place that would include a restaurant. That’s something they don’t have right now.”
The project is not without critics, however.