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New Projects Help Revitalize Hollywood, Florida

New Projects Help Revitalize Hollywood, Florida

Margaritaville Hollywood Beach Resort, the Jimmy Buffett themed resort, is nearing completion on Hollywood, Florida’s famed Broadwalk after years of anticipation. The 349-room, 17-story hotel will be the first destination resort hotel to open in Hollywood since the Diplomat Hotel re-opened in 2002 as the Westin (now Hyatt) Diplomat Resort. The hotel is expected to become the first Margaritaville to earn the Four Diamond ranking. City leaders are optimistic that the hotel will not only bring family and convention business to the beach, but other investors and developers will come to Hollywood because of Margaritaville’s success.

The good news for Hollywood is that others see the city’s potential and a number of other projects are in the planning stages, and some are under already well under construction. For example, The Related Group has passed 50% of pre-sales for its 407-unit, 41 story hotel/condo, Hyde Beach House. Located on the southern end of the beach, Hyde Beach House will be the tallest building in Hollywood.

There are 2 projects planned for Hollywood’s North Beach. The first is Oceanbleau, a 48-unit condominium being developed by Maxwelle Real Estate Group. Units in this project will consists of 3 to 5 bedrooms, from 3,000 to 6,000 square feet, with prices starting at $1,600,000. Across A1A from Oceanbleau, developer John Passalacqua has obtained approvals for Seaside Village. Seaside Village is planned to be an intimate village consisting of 23 units within five, three-story buildings, built on a marina with deep water access, a short ride to Port Everglades. Units will start at $900,000.

Development is not limited to Hollywood Beach. JED Equities plans an 18-floor, 134-unit downtown condominium. The tower will have 12,500 square feet of retail space on the ground floor. This project is being marketed to young working singles, couples and families and will consists of 1, 2 and 3-bedroom units and 2-story penthouses. The developers hope to capitalize on Hollywood’s up and coming downtown and its amenities including the Arts Park and restaurants.

City Commissioner Richard Blattner has long been a proponent of increasing the critical mass in downtown Hollywood through residential development in order to support local businesses. Harrison Street, Hollywood Boulevard and Young Circle Art Park have well known restaurants, bars and night life. However, there has never been enough local pedestrian traffic to be a natural draw for the businesses to survive. As new residents move closer to downtown, Commissioner Blattner hopes that Hollywood Boulevard can be more like Las Olas Boulevard, Brickell Avenue and Atlantic Avenue in Delray Beach.

City leaders have been searching for solutions to revitalize the entire city of Hollywood for many years. Downtown and the beach have struggled to identify how to attract residents, business as well as tourists. Over the years, few thought that new housing inventory in Hollywood would rival that of its neighbors in Miami and Fort Lauderdale, in either quality or cost. However, hard work and patience has prevailed. While there is still a long way to go on both the beach and downtown, these and other projects will lead the way to continued growth. Next, city leadership must focus on other economically challenged areas of the city.

 

David Blattner

David Blattner

dblattner@beckerlawyers.com

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JoAnn Nesta Burnett

jburnett@beckerlawyers.com

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