An entity led by Ulvi Mammadov bought the 1.2-acre site at 901 South Ocean Drive for $15.5 million, or about $12.5 million per acre, from GSK Hollywood Development Group, according to records.
The land, which faces the Intracoastal Waterway, is approved for the development of 48 townhouses, each rising two- to three stories, according to a news release from Franklin Street, whose Greg Matus, Adam Tiktin and Alex Lazo represented the sellers.
Alternatively, the buyer could choose to develop a 15-story mixed-use building with residences on the site, although that would require a zoning variance.
