HOLLYWOOD BEACH, FL-MCZ/Centrum Florida, a partnership between Chicago-based developers Centrum Properties and MCZ Development Corp., has paid $160 million for Oceancrest Beach, a rental project here that it plans to convert to condominiums.The three 16-story oceanfront towers are located at 3801, 3901 and 4001 S. Ocean Dr. in Broward County. Colorado-based Archstone-Smith Trust was the seller. Jay Massirman, executive vice president of CB Richard Ellis, brokered the deal.MCZ/Centrum Florida is planning to spend $20 million on renovating and converting the property into a condominium community, which will have 943 one-, two- and three-bedroom units ranging from 812 sf to 1,355 sf. Prices start in the low $200,000s. Sales of the condos are expected to begin in December, and all residences are slated to be available for occupancy by the spring.Centrum Properties and MCZ Development, under the name 2501 Ocean LP, also recently renovated the Wave on Hollywood Beach, a 551-unit, 15-story oceanfront condominium tower, at 2501 S. Ocean Dr., at a cost of $30 million.”With the success of the Wave, our first condo conversion in Florida, located two blocks north of this property, we are staking our claim here and ultimately carving our name into the sands of Hollywood Beach,” Michael Lerner, president of MCZ Development Corp., says in a statement.The new purchase is being named Tides on Hollywood Beach. Amenities include swimming pools, landscaped sundecks and a theater room. The Tides will have much of the same popular amenities as the Wave and Cite, another of the developer’s condo conversion projects in Miami’s Arts District. Units will have ocean and Intercoastal views and oversized balconies.”The property value in Hollywood Beach is remarkably attractive at the moment,” according to Lerner. “We have caught this area on the upswing–cultural and economic growth are at their greatest. Now is an ideal time to be active in the Florida market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.