The City of Hollywood will continue to discuss a large condominium project on Hollywood Beach.
Following a very long meeting, that ran until about 3:00 a.m., on Feb. 3, the Hollywood Commission decided to continue the discussion on March 16. This will allow The Related Group more time to develop a revised deal.
The meeting lasted about 10 hours and began with a presentation by Hollywood staff promoting the 30 story condominium as a good deal for Hollywood, one that could bring an additional $1.4 billion over a 99 year lease.
Then Vice Mayor Caryl Shuham raised some concerns and struck at the proposed agreement. She said the deal would mean a big risk for Hollywood and a big profit; $70 million to $100 million for the developer. She said the contract was not good for Hollywood and the city would not be able to walk away from it.
She said the deal would mean Hollywood would have to pay for a new city park and community center next to the condo out of the rent it would collect from the developer. The city would bear all risks associated with the project. After the project is completed, the city would become a partner with the condo association. The Related Group wants to build apartments if it cannot get financing to build condos and neighbors don’t’ want condos.
The Related Group had made a proposal to Hollywood leaders in March 2020. The plans call for a 353 foot high tower with 190 units at 1301 South Ocean Drive. This is now the location of a community center and city park. The developer has promised to build a new community center and upgrade the park. The money would come from money raised from condo sales.
Many people from the community have spoken against the project and many attended the meeting and said they did not want the condo project. There was a large group of people who spoke against the project during the afternoon, evening and early morning hours.
