Developers the Related Group, Key International and 13th Floor Investments teamed up to acquire 2.4 waterfront acres in Hollywood through foreclosure.
The companies plan to build a mixed-use condo-hotel project on the 4000 South Ocean Drive property, according to a written statement released on Monday. Construction could begin in the second half of 2015. The site is directly across A1A from Related’s Apogee Beach and Hyde Resort & Residences projects.
“As the condo market continues to expand northward, from Sunny Isles and Bal Harbour, we are seeing great appreciation in our Hallandale and Hollywood developments,” said Carlos Rosso, president of Related’s Condominium Division.
This is the first partnership between Related and Miami-based Key and 13th Floor. But Key and 13th Floor are frequent collaborators. Their recent developments include 400 Sunny Isles in Sunny Isles Beach and 1010 Brickell in Miami’s Brickell area. — Eric Kalis