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

HOLLYWOOD BEACH, FL-Chicago-based MCZ Development Corp. and Centrum Properties have begun work on the multi-phase Sian Ocean Residences & Resort. The project is rising on nine acres from the ocean to the Intracoastal on South Ocean Drive.

Developers acquired the property, which includes a 16-story apartment building at 4001 S. Ocean Dr. facing the ocean and the Ambassador Hotel at 3135 S. Ocean Dr. facing the Intracoastal, more than a year ago. The first phase of the project includes conversion of the apartment buildings, which has been completed, and conversion of the hotel into a 309-unit condo hotel, which is under way.

The second phase of the project includes a 20-story oceanfront Beach Club Tower with 46 units and a separate condo-hotel on the Intracoastal. Also included in the second phase is the centerpiece of the project, a resort-style Beach Club with 34 cabanas that will be connected to all other parts of the project. Miami-based Fortune International has been named the exclusive sales and marketing agent for the project.

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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