(To read more on the multifamily market, click here.)

HOLLYWOOD BEACH, FL-The Holiday Inn at 2711 S. Ocean Dr. will be demolished to make way for Trump Hollywood, a 40-story, 200-unit condominium development. The project is a three-party joint-venture among Donald Trump, Miami-based Related Group of Florida and Boca Raton-based Ocean Land Investments. TRG-Holiday LLC, a Related Group subsidiary, is the developer.

A spokesman for the company declined to disclose the cost of acquiring the site and an estimated construction cost. The property encompasses five acres with 240 linear feet of beachfront on the Atlantic.

Three- and four-bedroom units range in size from 2,000 sf to more than 4,600 sf under air, and each has a private elevator. Two 7,000-sf penthouses are on the 40th floor. Unit prices begin at $1.6 million and reach to more than $5 million. Prices of cabanas, available for sale to residents, have not yet been set. Related Cervera Realty Services, an affiliate of the developer, is handling sales and marketing.

Demolition of the 200-room hotel and groundbreaking for the tower is scheduled by year-end, the spokesman tells GlobeSt.com, and completion is projected for late 2008. Miami Beach-based Robert M. Swedroe is the architect. And Yabu Pushelberg, which has handled designs for Ritz-Carlton and Tiffany & Co., is interior designer of the common areas.

Trump, Related Group and Dezer Development are partners in Trump Towers in Sunny Isles Beach. Trump is also developing Trump International Hotel & Tower in Fort Lauderdale and Trump Tower Tampa. Ocean Land Investments and Related Group are partners in the Mercy Hospital project in Coral Gables.

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