An Argentine developer bought a vacant oceanfront site in Hollywood for $21 million, with plans for a 25-unit luxury condo project.
Maximiliano Mustafa, CEO of Buenos Aires-based Pride Developments, bought 0.8 acres between Greenbriar and Hyacinth terraces, fronting the beach, from an entity led by Miami-based attorney Luis Stabinski, according to records and real estate database Vizzda. Pride Developments scored a $15 million loan from the seller.
The site consists of three lots at 1900, 1901 and 1915 South Surf Road, as well as a pair of adjacent lots, records show.
The land already is fully approved for a 25-unit condo project, Jennifer Snyder, Mustafa’s attorney, told The Real Deal, adding that the developer plans to pursue the existing plan.
Vizzda shows a 2019 application sought approval for a 12-story building spanning 76,500 square feet, though it’s unclear when city officials greenlit the plan.
The project marks Mustafa’s debut in South Florida real estate, according to Snyder. A construction timeline isn’t yet clear, though Mustafa hopes to develop the project on an “expedited basis,” Snyder said.
Developers have homed in on Hollywood with project plans, especially along and near the beach.
Last month, Brooklyn-based Condra Property Group submitted a proposal for 137 condos and 91 apartments, including affordable housing, as well as restaurants and a beach club on a 2.4-acre assemblage along North Ocean Drive and surrounding streets. Condra’s proposal relies on building taller than the area’s five-story limit by using the Live Local Act state law. The legislation, approved this year, allows developers to bypass local government restrictions on projects’ sizes if the new buildings include affordable housing.
Also in Hollywood, the Pérez family’s Related Group and BH Group, led by Isaac and Liat Toledano, scored approval in August for a 37-story, 350-unit condo building on the Intracoastal Waterway across the street from the Diplomat Beach Resort at 3555 South Ocean Drive. The city also approved Related and BH’s proposal for a 500-key hotel across from the 1,000-key Diplomat Beach Resort.