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Two Chicago area developers are planning what appears to be the biggest condo conversion yet in South Florida - 954 units in three towers on Hollywood's beach.
The buildings were built in 1968, and will be named The Tides at Hollywood Beach and have an estimated $285 million sellout.
The sellout amount and number of units is a South Florida record, according to data compiled by Jack McCabe, CEO of Boca Raton-based McCabe Research & Consulting, a specialist in residential data and condominium project feasibility.
The joint venture paid $160 million for the 12.5-acre Ocean Front property and expects to spend $20 million to $25 million in rehabilitation and redecorating the lobbies and common areas, as well as extensive landscape redesign. The loan came via La Salle and Wachovia banks.
In the latest deal, "the property was being bought by the New York-based Coby Group from Archstone and we stepped into their place," Arons said.
Models are under construction and sales will start in early or mid-December with units starting in the low $200,000s and ranging to the high $500,000s . Miami is undervalued compared to New York and Los Angeles, and I think within 10 years, there will be parity among all three.
Hollywood is the next South Florida hot spot. Hollywood has a lot of boosters, as the city undergoes major renovations and redevelopment.
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The Tides at Hollywod Beach Condo Features |
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Air Conditioning
Balcony
Cable Ready |
Dishwasher
Microwave
Some Paid Utilities |
View
Oversized Closets |
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The Tides at Hollywod Beach Condo Community Features |
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Pets Allowed
Emergency Maintenance
Fitness Center |
Garage and/or Covered Parking
High Speed Internet Access
Laundry Facility |
Computer Center
Swimming Pool |
Direct Beach Front Community and Access
Exceptionally Designed Floor Plans
New! Glass Doors Leading to Glass balconies
New! Kitchens and Baths
New! State-of-the-art Fitness Centers
New! Business Centers with Conference Room
New! Lobbies and Corridors
New! Pools and Pool Furniture
Attended Front Desk and Concierge Services
On-Site Retail and Dry Cleaning Services
Spectacular Ocean and Intracoastal Views
Purchase Details:
Owners will be allowed to rent the property out from day one. The association will allow 4 rentals per year for a minimum of 90 days.
Pets are allowed.
You may purchase an occupied or vacant unit.
Corporate purchases are allowed.
To preview the models please call us to schedule an appointment. (NO WALKINS ALLOWED).
Maintenance will be approx 42 cents per square foot
Instructions for purchase:
This project has had overwhelming demand due to the Ocean Front location. A waiting line will be forming at least one or two days in advance of the opening sale date.
In order to be represent by our firm for the purchase please follow the instructions below:
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