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Condra proposes oceanfront Hollywood Beach mixed-use project
Brooklyn-based real estate investment firm seeks to redevelop motel assemblage near boardwalk
Condra Property Group is proposing an oceanfront mixed-use project with condos and apartments near the Hollywood Beach Boardwalk.
Leaning on Florida’s Live Local Act, Condra submitted a site plan with the city of Hollywood to redevelop a 2.4-acre assemblage of 25 single-story and two-story motels and short-term rental properties along North Ocean Drive and surrounding streets. The proposed 628,000-square-foot development would include 137 condos and 91 rental apartments with some affordable housing units.
Based in Brooklyn with an office in Miami Beach, Condra estimates the project will cost between $150 million to $170 million to build, according to the company’s owners.
The proposal is scheduled for a preliminary review by the Hollywood Technical Advisory Committee on Monday. After learning about the passage of the Live Local Act during this year’s Florida Legislative Session, Condra squashed plans for a new hotel to replace the hospitality buildings the firm bought, the firm’s managing principal Allen Konstam told The Real Deal.
“This area is perfect for new housing,” Konstam said. “We went back to the drawing board and came up with a new residential project.”
Designed by Hollywood-based Kaller Architecture, Condra’s proposed project is divided into three components. The plan shows a three-story restaurant and beach club with a rooftop pool fronting Hollywood Beach Boardwalk. A four-story apartment building is sandwiched between the food and beverage component and an 18-story condominium tower facing A1A, the plan shows.
Before the Live Local Act, a project like the one Condra is proposing would have little to no shot at approval since building heights are capped at five stories along North Ocean Drive. But the new state law supersedes local governments’ zoning, density and height requirements for affordable housing in areas zoned for commercial or mixed-use development.
The Live Local Act, which went into effect on July 1, specifically allows for projects with minimum percentages of affordable housing to be built as tall and with the same density as buildings within one mile. Condra’s assemblage is less than a mile north of Margaritaville Hollywood Beach Resort, a 18-story hotel spanning 845,000 square feet.
“We are not here to stick a finger in the city’s eye,” Konstam said. “We are always looking to work and have an open dialogue with the city within reason.”
The rentals will be priced for households making up to 120 percent of the area median income for Hollywood, according to the Live Local Act, said Mark Drackman, who also leads Condra, along with Ira Chaimovits. Condra has not yet determined pricing for the proposed condo units, Drackman added. Both apartments and condominiums will range from 1,000 square feet to 3,000 square feet, he said.
