Real estate firm Tobin wants to build a 120-unit apartment project in Hollywood, as South Florida experiences a record multifamily construction pipeline.
Hollywood-based Tobin proposes an eight-story building on the 2-acre site at 1101 Hillcrest Drive, according to an application filed to the city. The project, called Hillcrest Apartments, will offer one- to three-bedroom apartments.
The site has been owned by members of the Tobin family since at least 1985, records show.
Their firm, formed in 1926, is a development, management and construction company with more than $2 billion in deals spanning over 100 million square feet, according to its website. It’s led by CEO Herbert Tobin and President Jason L. Tobin.
Hillcrest Apartments could include some affordable or workforce units, the South Florida Business Journal reported.
South Florida’s multifamily market boomed from late 2020 through 2022, fueled by an influx of out-of-state residents. Unprecedented demand and record rent hikes prompted developers to start new projects, completing 26,300 units in 2022 and 2023, CoStar Group data shows. By year-end, South Florida is expected to get an additional 23,863 newly finished units, according to Berkadia.
But over the past two years, the market started turning. Demand has slowed, rents have decreased and elevated interest rates have made construction financing expensive. Despite all this, some developers have continued to file applications, betting on areas that haven’t hosted a lot of recent construction, or planning below-market rate units that are in high demand.
In North Miami, Tate Capital wants to develop a 17-story, 348-unit apartment building with 39,300 square feet of ground-floor commercial space on the northwest corner of Northeast 125th Street and Northeast 12th Avenue. In Miami’s Arts & Entertainment District, Jenny Bernell’s Clearline Real Estate landed a $94.5 million construction financing package this month for her planned 24-story, 427-unit Excel Miami Apartments at 1550 Northeast Miami Place.