Rare Oceanfront Development Site Hits Market

FORT LAUDERDALE, FL—Related may not be the only developer moving into Hallandale Beach in the new condo development cycle. Developers can bid on a 1.3-acre oceanfront development with 100 feet of direct beach frontage on the Atlantic ocean in the Fort Lauderdale suburb.

CBRE first vice president Calum Weaver and senior vice president Gerard Yetming, both based in Fort Lauderdale, are marketing the site. 2000 South Ocean Drive is one of the few remaining oceanfront sites in South Florida and the first developable residential site available north of Golden Beach, FL.

“With only 65 units featuring large floor plans, wide ocean views, world-class finishes and amenities, this project will be well-suited to meet the surging demand for luxury beachfront condominiums in South Florida,” says Yetming. Located three miles from Aventura Mall, the third-largest shopping center in the United States, and only 500 yards from the affluent residential enclave of Golden Beach, 2000 South Ocean is zoned for multifamily, high-density development, allowing up to 65 units and 30 stories.

The oceanfront property is located in the Hollywood/Hallandale condominium market, which has rebounded faster than expected. Due to dwindling condominium supply, prices in this market have increased significantly.

According to MLS data, the average price of a condo in this competitive subset rose 60.1 percent since 2009. Several new condominium developments in close proximity to the project are achieving pricing well in excess of $1,000 per square foot. The Regalia, an oceanfront boutique property under construction a mile south in Sunny Isles, for example, is selling units in the range of $1,300 to $2,500 per square foot.