Developer David Martin is in talks to join the Related Group and BH Group on their planned redevelopment of the Hollywood Beach Resort, sources told The Real Deal.
The Pérez family’s Coconut Grove-based Related and Isaac and Liat Toledano’s Aventura-based BH Group are under contract to acquire the 4.5-acre property at 101 North Ocean Drive, as previously reported by TRD. The Chetrit Group is selling the century-old resort. A source said the property is under contract for $100 million.
Martin, CEO of Terra Group declined to comment through a spokesperson. In a statement, BH named Terra and Related as its partners in the deal and said that BH has more than 20 projects with Related across South Florida.
A source said Terra’s deal isn’t finalized. Terra is also working with BH on a luxury condo development in West Palm Beach. The partners are paying about $100 million for the 1.6-acre site at 2085 North Flagler Drive.
Led by Related and BH, the partnership plans to redevelop the 398-unit Hollywood Beach Resort. The Chetrit family’s New York-based firm acquired the oceanfront resort through a bulk purchase of its condos and timeshares in a series of closings that ended in 2023. At a city commission meeting last month, Commissioner Caryl Shuham voted against affirming the property’s vested development rights, a prerequisite for platting the site. Shuham, the sole no vote, said the property was “left to decay” by the Chetrits.
It was built as a hotel in 1925 by developer Joseph W. Young, who founded Hollywood.
Last year, Chetrit’s lender, Madison Realty Capital, filed for UCC foreclosure on two Chetrit sites: a waterfront condo development site in Pompano Beach and 102 condo units at the Hollywood Beach Resort. Last year, Chetrit sold a majority stake in its massive Miami River project to Adam Neumann’s Flow, Canada Global and billionaire Yakir Gabay’s Yellowstone Trust.
Related, Terra and BH have all been incredibly active this cycle, with luxury condo projects across South Florida, as well as other mixed-use developments.
Related and Terra are teaming up on a condo buyout of the 134-unit St. Louis building on Miami’s Brickell Key, potentially for roughly $200 million. The property is next to the planned two-tower Mandarin Residences luxury condo project.
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