Circ Hollywood apartments in downtown to convert to condos

Click here to view post on the South Florida Business Journal’s website.

Downtown Hollywood apartment tower will convert to condos

GCF Development will convert the Circ Residences Hollywood Circle apartment tower into condos, one of the largest condo conversions in South Florida in the past decade.

There was a wave of condo conversions across South Florida in the early 2000s, but that came to a crashing halt during the Great Recession in 2008. There haven’t been many condo conversions since, but this project in downtown Hollywood aims to capitalize on demand for condo ownership.

The 25-story Circ Residences was completed in 2018 at 1776 Polk St., attached to a Publix and the Olivia Restaurant.

The property owner will now sell the 386 units as condos. The condos range from one to three bedrooms. They are priced from $450,000 to $1.3 million.

The condo will not permit short-term rentals, as units may be ranted up to twice per year for a minimum of six months.

It retained ISG World to broker the sales.

“As Hollywood continues its steady growth into a vibrant and thriving community, we consider our 25-story condominium a symbol of progress and testament to the city’s promising future,” stated Peter Jago, managing director at GCF Development.

Amenities in Circ Residences include a pool deck, a fitness center, a yoga studio, coworking space, and a summer kitchen.

According to units in Circ Residences range from 741 to 1,457 square feet and rent from $2.556 to $5,108.

For comparison, if a condo buyer financed 80% of the purchase price of a $450,000 unit, they monthly payment would be about $2,511 – before maintenance, taxes and association dues.