This Week's South Florida Deal Sheet: 18-Story Beachfront Property Planned In Hollywood
Condra Property Group is looking to leverage the provisions of Florida’s Live Local Act to build an 18-story condo tower with a four-story apartment building along North Ocean Drive in Hollywood.
The Brooklyn-based development firm, which also has an office in Miami Beach, is planning a 628K SF development with 137 condos and 91 apartments on a 2.4-acre assemblage at 2007 North Ocean Drive, The Real Deal reported. The apartments and condos would be connected by a three-story restaurant and beach club with a rooftop pool.
The Hollywood Technical Advisory Committee was scheduled to consider the proposal at its meeting Monday afternoon.
Buildings along North Ocean Drive are capped at five stories, but Condra is seeking to take advantage of a provision of the Live Local Act that allows developers to avoid some zoning restrictions if 40% of the units at a project are set aside for residents making up to 120% of the area median income. Rents for at least some of the one-bedroom units at the property would be capped at $2,041, according to the Florida Housing Finance Corp.
Condra paid $12.9M to assemble the properties in January 2022, The Real Deal reported at the time.
SALES
New York-based Ashcroft Capital paid $70.4M for a 360-apartment complex in Coconut Creek called Advenir at Cocoplum, The Real Deal reported. The seller, Aventura-based investment firm Advenir, paid $64.5M for the property in 2017. The deal breaks down to $196K per unit, and Ashcroft assumed a $62.2M Freddie Mac mortgage administered by Newmark as part of the transaction.
The development, located at 4142 Cocoplum Circle, has 45 two-story buildings across 32.7 acres and was completed in 1986 and 1988. Its units range from one to three bedrooms with rents between $1,735 and $1,972 per month.
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A Juno Beach shopping center near the ocean sold for $27M, the South Florida Business Journal reported. An affiliate of Chicago-based retail investment firm Backsbaum Properties purchased the 66K SF retail center at 14051 U.S. Highway 1 from Delray Property Investments, managed by Pompano Beach accountant Jeffrey Steiner.
The property, called Plaza Le Mer, was built on a 10.2-acre site in 1988. Tenants at the strip mall include Bank of America, Dunkin', Garden City Café, Kati Asian Cuisine, Advanced Dental Care and Pierogi Brothers.
The Steiner-controlled entity paid $3.6M for the property in 1993, according to the SFBJ.
LEASES
Crafts retailer Michaels signed a 10-year lease for a 26K SF former Bed Bath & Beyond space at the Delray Corner shopping center, according to a release. The lease brings occupancy to 97% at the 86K SF shopping center at the intersection of South Military Trail and West Atlantic Avenue in Delray Beach.
Michaels is slated to open in the first quarter of 2024 along with two other new tenants. Conviva, a Humana primary care subsidiary, will open in 10K SF, and Mathnasium, a tutoring center, signed on for 1,200 SF.
Katz & Associates’ Nicole Fontaine represented the landlord, which property records list as B.B.B Plaza Associates, an entity managed by Michael Kanoff, of Miami Beach. Bryan Fetherston from The Shopping Center Group represented Michaels in the transaction.
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NDT Development, Place Projects and Wheelock Street Capital signed the first tenants coming to Nora, a redevelopment project just north of Downtown West Palm Beach. The 150K SF first phase of the Nora project along North Railroad Avenue will include all retail and hospitality space, while the second phase is planned to include a hotel, office space and residences.
The five tenants coming to Nora are:
- Loco Taqueria & Oyster Bar, which has a location in Boston, will open a 4,600 SF restaurant with a 2K SF patio at 840 North Railroad Ave.
- H&H Bagels, a New York-based shop that recently launched a national expansion, will occupy 1,600 SF at 890 North Railroad Ave.
- Van Leeuwen Ice Cream, which started in a New York City food truck, will open its first Florida shop in 884 SF at 870 North Railroad Ave.
- Rumble, a group fitness concept with boxing-inspired circuits, will occupy almost 3K SF at 905 North Railroad Ave.
- [solidcore], a Pilates-inspired fitness offering with 100 locations in the U.S., will take 2,600 SF at 915 North Railroad Ave.
The South Florida-based developers, with financing from Connecticut-based Wheelock, broke ground on the project in June. Delivery is slated for late 2024.
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Luxury French clothing brand Eden Park is relocating within Coral Gables from The Shoppes at Merrick Park to Miracle Mile, according to a release. The retailer opened a 5,700 SF location at 348 Miracle Mile on Friday after signing a lease with landlord Terranova Corp., which is based in the neighborhood and has extensive holdings along Miracle Mile and Miami Beach’s Lincoln Road.
CONSTRUCTION AND DEVELOPMENT
L&L Holding Co. and Oak Row Equities, along with project partner Shorenstein Properties and co-investor Claure Group, topped off a 1M SF mixed-use project called The Wynwood Plaza, according to a release.
The project, located at 95 Northwest 29th St., includes 266K SF of office space, 509 apartments and 32K SF of retail space, including 6,600 SF of outdoor dining space. It is slated for delivery in the first quarter of 2025.
Miami-based Claure Group plans to establish a 25K SF headquarters on the building’s eighth floor after it is completed. Weitz & Luxenberg, a law firm headquartered in New York, has also signed on to open its first Miami office in 18K SF on the second floor.
New York-based L&L Holding and Oak Row Equities, which has offices in New York and Miami, assembled the property in 2020 for a total of $53M across multiple transactions, the SFBJ reported.
THIS AND THAT
Coworking firm Industrious opened a 26K SF space at the Esplanade in Aventura, according to a release, its 12th Florida location and fifth in Miami. The new location includes 97 offices, 386 desks and 12 phone booths. It is located in a 215K SF property at 19505 Biscayne Blvd. that is owned by New York-based Seritage Growth Properties.
