The site is currently approved for a luxury townhome development
Hollywood, FL (August 10, 2022) – Franklin Street has arranged the sale of a 1.24-acre development site in Hollywood Beach, Florida, 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.
At 901 S Ocean Drive, the site is prominently situated on Hollywood Beach with a population exceeding 200,000 people within a 5-mile radius traffic counts of approximately 27,000 vehicles per day. It is within walking distance of Ocean Walk Mall and Hollywood Beach Boardwalk, and centrally located between Fort Lauderdale and Miami International Airport.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Atlanta and Chicago. Learn more about Franklin Street at FranklinSt.com.