Franklin Street has arranged the sale of a 1.24-acre development site in Hollywood Beach for $15.5 million. The 54,041-square-foot site sold for approximately $287 per square foot and $12.5 million per acre.
Franklin Street’s South Florida Investment Sales Team of Greg Matus, Adam J. Tiktin and Alex Lazo represented the seller, GSK Hollywood Development Group, LLC. The buyer is Hollywood Moon Development, LLC.
Per its zoning, the development site is currently approved for up to 48 two- and three-story luxury townhomes. The site could also accommodate a 15-story mixed-use building with a residential component, which would require the developer to secure additional zoning variance from the city.
“With views of the beach and intercoastal, the site represented an extremely rare development opportunity,” said Matus. “This is truly one of the last development sites available along South Florida’s U.S. 1 Corridor and we are proud to have facilitated this transaction.”
“This site has an unbelievable location, just steps from the beach, and we look forward to seeing how the new owners maximize the property’s potential with its best use,” added Tiktin.CRE-Sources.com