[Trio of developers plan hotel condo on waterfront property acquired out of foreclosure][1]
A three-way joint venture of Miami developers plans to build a hotel condominium on a waterfront property in Hollywood.
PRH 4000 South Ocean, an affiliate of the Related Group, 13 th Floor Investment and Key International acquired the 2.4-acre site at 4000 S. Ocean Drive at foreclosure auction on Aug. 14. The group previously bought the $15.5 million foreclosure judgment that PNC Bank obtained against original owner Chicago-based MCZ/Centrum.
While the property along the Intracoastal Waterway is currently being used as a hotel parking lot, the new owners plan to begin construction of a mixed-use hotel condo there in the second half of 2015.
Arnaud Karsenti, CEO of 13 th Floor, said the as-yet unnamed project would have over 300 units plus retail on the ground floor. The design is in the preliminary stages, he added.
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