Pulte Group plans to build 645 homes, including townhouses and single-family homes, on two golf courses at the Hillcrest Golf & Country Club development in Hollywood.
The 18-hole golf course at Hillcrest will be turned into a gated community with 256 townhouses and 238 single family homes. A second gated community will have 151 homes — 84 townhouses and 67 single-family homes. It will be built on a nine-hole golf course.
The Hollywood City Commission unanimously approved the project last week.
Pulte plans to acquire the land for the development from Concord Wilshire Partners, which specializes in residential, resort and mixed-use development throughout the U.S., according to its website. Yet, Broward County property records show that United Association, a union of plumbers, fitters, welders and service techs, headquartered in Annapolis, Maryland, still owns the property. A source close to the deal said that Concord Wilshire has secured the right to buy the property from United Association.
Pulte said it plans to close on the land purchase at Hillcrest on June 21 expects to break ground later that month. The project’s timetable will be tied to how quickly the units are sold, but the likelihood is that the development will take five years to complete, according to a company spokesperson.
“I’d be concerned about additional residential development, in general, because there’s been so much of it” in recent years in South Florida, said Jonathan Kingsley, executive vice president for Colliers International in South Florida. “But the single-family market continues to be robust,” he said.
Although the residential market may be “cycling down” in South Florida, “single-family is the best way to go, if you go residential,” Kingsley said. “You can’t build higher-end product in [the Hillcrest area] but more affordable homes, priced between $250,000 and $450,000 should do well,” he says.
Hillcrest was originally built in the early 1960s by developer Ben Tobin and was one of the first golf course/condominium developments in Broward County. The existing residential portion consists of four and five-story buildings and 10- to 12-story high-rises.