Miami-based Related Group and Aventura-based BH Group are getting in position to redevelop the century-old Hollywood Beach Resort, the vacant centerpiece on Hollywood\u2019s oceanfront.<\/p>\n
Jorge P\u00e9rez, the founder and executive chairman of Related Group, and BH Group have the Hollywood Beach Resort and an adjacent parking garage under contract, Keith Poliakoff, a Fort Lauderdale-based attorney representing Related, told The Real Deal.<\/p>\n
If P\u00e9rez and BH Group acquire the property, Related and BH Group, led by founder and CEO Isaac Toledano<\/a>,\u00a0 would redevelop it, Poliakoff said. He declined to reveal the contractual purchase price. Related Group did not respond to a request for comment.<\/p>\n At a Hollywood City Commission meeting attended by Related executive Eric Fordin last week, Poliakoff mentioned without elaboration that P\u00e9rez and Related were working with New York City-based Chetrit Group<\/a>, the owner of the Hollywood Beach Resort, to redevelop the property..<\/p>\n The Hollywood City Commission voted 6-1 at its June 17 meeting to affirm that any owner of the 4.5-acre property at 101 North Ocean Drive has a vested right to develop 398 residential units there.<\/p>\n Poliakoff said the city commission\u2019s affirmation of a vested development right is a prerequisite for platting the Hollywood Beach Resort, which was built as a hotel in 1925 by developer Joseph W. Young, the founder of Hollywood.<\/p>\n \u201cBefore anything can happen, even rehab, it needs to be fully platted,\u201d Poliakoff told the city commissioners.<\/p>\n Chetrit Group acquired the Hollywood Beach Resort through a bulk purchase<\/a> of its condos and timeshares in a series of closings that concluded in 2023, but it did little else after residents vacated the property.<\/p>\n \u201cThis building was left to decay, and we had to take this owner to the [Broward County] Unsafe Structures Board,\u201d said Hollywood City Commissioner Caryl Shuham, the only commissioner who voted against affirming development rights.<\/p>\n While some other properties in the central part of the Hollywood Beach<\/a> area need renewal, \u201cthis property in particular has seen a cycle of deterioration and lack of reinvestment over the years,\u201d Andrea Wingett, Hollywood\u2019s director of development services, said at the commission meeting.<\/p>\n The family behind Chetrit Group has built a real estate empire threatened by defaults and legal judgments, but loan extensions have bought time. In 2024, for example, Joe and Jacob Chetrit got a one-year extension of the term of a $78 million loan from Madison Realty Capital<\/a> to finance condo and timeshare acquisitions at the Hollywood Beach Resort.<\/p>\n","protected":false},"excerpt":{"rendered":"Miami-based Related Group and Aventura-based BH Group are getting in position to redevelop the century-old Hollywood Beach Resort,…\n","protected":false},"author":2,"featured_media":318316,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[11692,90315,249,251,250,132292,85350,45871],"class_list":["post-318315","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fort-lauderdale","tag-bh-group","tag-chetrit-group","tag-fort-lauderdale","tag-fort-lauderdale-headlines","tag-fort-lauderdale-news","tag-madison-realty-capital","tag-related-group","tag-residential"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/318315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=318315"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/318315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/318316"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=318315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=318315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=318315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}