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The city of Hollywood will vote Wednesday on whether to issue final approval to Parc Place, three rental apartment towers planned for the south side of Young Circle in downtown Hollywood. One of the buildings to be replaced is the long-abandoned landmark Hollywood Bread Building.
Parc Place will include 433 units by MG3 Developer Group. Development has boomed in Hollywood, especially since it changed its zoning code two years ago to allow for greater height and more mixed-use projects. In May, the 25-story, $200M Hollywood Circle and CIRC Hotel, with a new Publix supermarket, opened on the north side of Young Circle.
The developers of Parc Place bought the 3.24-acre site next to Young Circle out of foreclosure for $6.75M in 2013 after a previous project there stalled, the South Florida Business Journal reported.
Hollywood, which stretches from the Atlantic Ocean to western Broward County, is attractive for South Florida families priced out of Miami and Fort Lauderdale. According to Cushman & Wakefield’s multifamily snapshot released in September, Broward County asking and elective rents were at record highs for the 10th year in a row. Asking rents in Hollywood/Dania averaged $1,292 and vacancy was at 8.9%.
“Year-to-date there were 1,343 more units absorbed than delivered in Broward," Cushman officials wrote. "This is another indication of increasing demand and outpacing supply which keeps vacancies low."
MG3 has developed high-end homes, mixed-use projects and numerous charter schools.
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