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MIAMI-The $170 million Ocean Palms condominium, retail, restaurant and parking garage project proposed for Hollywood is one step closer to reality. The development will face key approvals Oct. 16.

The project, which has had no trouble getting necessary approvals thus far, would be built in two phases, separated by State Road A1A, according to plans filed with the city.

Phase I, consisting of the 250-unit Ocean Palms Condominium, would be built on the five-acre east, oceanfront property at 3101 S. Ocean Drive. The building would be built in three tiers: 38 stories, 35 stories and 32 stories. Condo unit prices would start at $450,000.

According to the developer’s application to the city, the value of improvement for Phase I is $75 million.

The second phase, across the street at 3100 S. Ocean Drive, would consist of a six-story building with 12,000 sf of retail space, 7,000 sf of restaurant space and a 332-space parking garage.

The city of Hollywood’s Development Review Board conditionally approved the design and the site plan of the project Oct. 10. Hollywood City Commission votes on the project Oct. 16.

The Plaza Group of Fort Lauderdale, FL is the project’s developer. Plaza Group built the 30-story Palms I in 1997 and the 32-story Palms II in 2001, both in Fort Lauderdale.

The architecture firm for the Hollywood project is Fullerton Diaz Architects Inc., based in Coral Gables, FL. According to the project application to the city, Phase I is scheduled to be completed in January 2006. Phase II completion is set for January 2007.

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