1301 South Ocean Dr.
THE VISION
Overview
The 1301 South Ocean Dr. Building and the new and enhanced public facilities represent an 18-month collaborative effort between the City of Hollywood and The Related Group to dramatically improve a beloved public beachfront destination. Once completed, the project will be a focal point and place of pride for the community.
Beachfront Preserved Forever
First and foremost, the pristine beachfront will remain unchanged and untouched. It will always be a public beach that is separated from the 1301 South Ocean Dr. parcel and by Surf Road.
Beachfront Access + Public Amenities Dramatically Improved
The project will be transformative — vastly improving the experience for all visitors and beachgoers now and for decades to come. A new, larger state-of-the-art community center will replace the existing facility and include meeting rooms, a fitness center, and a restaurant. The proposed development improves public access to the beach while protecting the integrity of the dunes. New restrooms and public showers will be developed in addition to increasing the green space, plazas, and parking spaces for the public and community at large.
Financial Benefits for the City and Community
All of these improvements are being made without a single cost to the taxpayer. In fact, the economic benefits from this project consist of an estimated $16 to $35 million closing rent payment generated from the proceeds of the condominium with expectations that the rent will approach $50 million. These funds will help the city fund capital improvements throughout the city without a single cost to the taxpayer.
This project will generate revenues of (estimated) $3.5 million for the city. These funds help ensure our city can provide improved services to the community.
An additional (estimated) $3.9 million of annual tax revenue will be generated from this project for Broward County, Broward County Public Schools, South Florida water districts, and South Broward hospitals.
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FAQ
More green space, more public parking, plus improvements to the community center and
access to the beach.
Click below to learn how.
No. The public will have the same access to the beach. The developer will improve the dune crossovers for pedestrians and increase handicap accessibility. The beach will always remain separated from the development by Surf Road. In addition, the developer will perform dune preservation efforts for 25,000 square feet of dunes, to strengthen and enhance protection against storm surges.
Public parking will be improved with 158 public parking spaces, an 21% increase of the current number, and the majority of the public parking spaces will be covered.
The old community center (18,000 square foot) will be rebuilt, enlarged, and improved as a 25,500 square foot ocean-front community gathering place, with approximately 25,000 air-conditioned square feet and 2,630 square feet of elevated outdoor, oceanfront terrace. Proposed programming includes a public library, banquet room, conference/meeting space, and fitness center. This will be the only beach front public community center of this substance featuring ocean views in South Florida. In addition, a 2,385 public restaurant/coffee shop/snack bar with indoor and outdoor seating.
The current Harry Berry Park consists of 22,400 square feet and will be expanded to a brand new 43,065 square foot park with upgrades to include public restroom facilities, showers, and a children’s playground. The developer will add a 12,150 square foot public plaza and green space and a 13,10025 square foot art space along A1A.
What will the City of Hollywood receive financially?
- $10 million initial rent payment to the City at start of construction
- $16 to $35 million closing rent payment
- Over the life of the lease, the city will see more than $1 billion in new revenue.
Total projected yearly revenue to the City is expected to be in a range of $2.7M-$3.3M consisting of the following payments:
- Property taxes to City: $1.9-$2.3 million in property taxes
- Annual Rent Payment of $297,500-$400,000(adjusted annually for CPI) ground rent
- $67,500-$95,000 estimated annual revenue from .25% payment on resales
- Revenue from Parking Fees, Restaurant Rent and Facilities Rentals
- Revenue generated from municipal parking estimated amount of $414,000
The City of Hollywood is working with The Related Group® on a public-private partnership for the redevelopment of 1301 South Ocean Drive, which is currently the site of the City’s Hollywood Beach Culture and Community Center, Harry Berry Park, and two asphalt surface parking lots. The proposed redevelopment design includes public improvements and a private multi-family residential component that would be developed on land leased from the City pursuant to a 99 year ground lease. Proposed public improvements include a new 2-story oceanfront community center, expanded public park, enhanced dunes and open space, additional public parking, and increased revenue to the City. This proposed redevelopment of 1301 South Ocean is conceptual and this informational material is not a solicitation to purchase or sell real estate nor is it intended to influence any real estate owner or investor to buy or sell real estate nor is it a contract to redevelop 1301 South Ocean. Rather, the information provided here is intended to inform the public and explain the redevelopment plan; however, any redevelopment may only be commenced pursuant to a written agreement between The Related Group®, or its affiliate, and The City of Hollywood. The Related Group® is a trade name for affiliate companies that develop distinctive real estate projects. Each particular real estate development project that uses the name or logo of “Related Group®” or “The Related Group®” is developed by a separate, single purpose entity each of which uses the Related Group® trade name and logo by license agreement and each of which is solely responsible for its own separate development project, contracts, obligations, duties, sales, marketing, and responsibilities. PRH 1301 S. Ocean , LLC is the developer of the proposed 1301 South Ocean public and private improvements.