BH acquires Chetrit’s Pompano Beach development site for a sum of $48 million.
A collaborative partnership has obtained a 3.7-acre waterfront property that has received approval for a mixed-use project.
Related Group and BH Group have once again joined forces, marking their sixth collaboration since 2001. Their most recent venture involves the acquisition of a Pompano Beach development site for a total of $47.5 million. The property in question spans 3.7 acres and is located at 20 North Ocean Boulevard, boasting site approval for a mixed-use project. Centennial Bank played a role in the transaction by providing a mortgage worth $28.5 million, according to a spokesperson from the joint venture. Records indicate that the seller is an affiliate of Chetrit Group, a New York-based real estate firm led by Joe Chetrit. Back in 2009, Chetrit Group teamed up with Ari Pearl, a developer based in Hallandale Beach, to acquire the land for $9 million. However, Pearl withdrew from the project approximately two years ago, as confirmed by a spokesperson. The proposed development, known as Oceanside Pompano Beach, had previously gained approval from the city of Pompano Beach in 2016. It entailed a 24-story tower comprising 77 condominiums, as well as a 22-story hotel featuring 303 keys and 49 condo-hotel rooms. The project also encompassed 9,875 square feet of restaurant space, 4,836 square feet of retail space, a 21,357-square-foot spa, a 12,300-square-foot banquet hall, and nearly 600 parking spaces.
Related, a prominent development firm headquartered in Coconut Grove and led by Chairman Jorge Pérez, alongside his two eldest sons Jon Paul and Nick Pérez, has joined forces with BH Group, an Aventura-based development firm helmed by Liat and Isaac Toledano, to embark on a collaborative spree of co-developments.
One of their notable endeavors involves a partnership with Trinity Investments, based in Honolulu, and Credit Suisse Asset Management, who are the owners of the Diplomat Beach Resort in Hollywood. The joint effort aims to construct a proposed 38-story condominium comprising 350 units, alongside a 43-story hotel featuring 500 units. These structures will be situated on vacant plots adjacent to the oceanfront 1,000-key hotel. Recently, Related and BH unveiled plans for the hotel, which will bear the Hilton brand.
In April, the partnership of Related and BH acquired a 14-acre site in Plantation for $13 million. The site includes an empty office building that can be redeveloped into a mixed-use project. Additionally, the collaboration is progressing with Icon Aventura, an anticipated 26-story mixed-use building encompassing 308 apartments, 12,000 square feet of ground-floor retail space, and a garage. The Related-BH duo purchased the 4-acre site in Aventura last year for $51 million.
Furthermore, the two firms have established a partnership with billionaire Teddy Sagi to co-develop a 10-story waterfront condominium boasting 53 units in North Miami, as well as a luxury condo project comprising 50 units on Fisher Island.
Pompano Beach also holds promise for Related, as the firm has numerous projects in the pipeline. Notably, they are working on a 20-story condominium project encompassing 105 units located at 1116 North Ocean Boulevard.
South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
