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HOLLYWOOD BEACH, FL-For their third partnership project here, Chicago-based MCZ Development Corp. and Centrum Properties have acquired a nine-acre parcel between the Atlantic Ocean and Intracoastal Waterway for development of Sian, a combination of new and converted residential and hotel condominiums to be linked by a shared beach club. The price of the land, which currently contains a 16-story apartment building and the Ambassador Resort, was undisclosed.

The apartment facility at 4001 S. Ocean Dr. faces the ocean, and the hotel at 3135 S. Ocean Dr. faces the Intracoastal. MCZ/Centrum is naming the complex Sian, “which means blue,” Jennifer Arons, vice president of marketing and sales, tells GlobeSt.com, “reflective of the Balinese feel we plan to create.” A five-building complex is planned beginning with an opening phase, which calls for conversion of the existing buildings into their respective condo counterparts.

Arons says the 221-unit residential rental building’s conversion will be completed in January 2006. The one- and two-bedroom units range from 812 sf to 1,355 sf, and sales begin this month at from $300,000 to “about $700,000,” she says. The existing 330-unit hotel will be ready for move-in within 18 months, she estimates. It will be joined by a second condo hotel containing 430 units, with completion of construction “probably 24 months out,” Arons says. Hotel units range from 432 sf to a few suites of about 864 sf. Pricing begins in the low $200,000s and reaches to $400,000s for the suites.

There will also be a small, three-story condo hotel facility of villas, Arons says, without disclosing pricing. Last, will come a 16-story residential tower containing 32 condos. Completion of that building is expected within the next 36 to 40 months.

Other MCZ/Centrum projects here include the Tides, a three-building residential condo conversion alongside Sian, and the Wave, a condo conversion two blocks north of the Tides. The partnership also converted Regent Park at Young Circle and Cite in Miami’s arts district into for-sale residential condos.

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