BH Group, PEBB Enterprises and Related Group closed the $48.5 million acquisition of a waterfront mixed-use shopping center with fully entitled development rights in Fort Lauderdale. The joint venture plans a transformative mixed-use project with brand-new residences, retail and restaurant space. This strategic acquisition underscores the collaborative vision of the partners to enhance urban living and dining experiences in Fort Lauderdale.
Located at 1515 SE 17th St. in the city’s Harbordale neighborhood, the 7-acre site is entitled for the development of 361 residential units and 12,000 square feet of retail and restaurants. The site is home to an existing 73,000-square-foot shopping center, The Quay, with the popular Boatyard restaurant, a variety of additional eateries and yachting tenants. It also includes a marina and two-story office building. The property will undergo significant improvements to align with the new development vision.
The transaction closed on May 22. Amerant Bank provided acquisition financing.
This deal represents a significant milestone in the ongoing development boom within the submarket.
“Opportunities to acquire an infill waterfront site in a high-traffic area near downtown Fort Lauderdale do not come around often,” PEBB Chief Investment Officer Eric Hochman said. “Our partnership is well-positioned to maximize the site’s tremendous potential. This project will bring unique value to the local community, including new job opportunities and enhanced lifestyle amenities.”
BH, PEBB and Related plan to unveil project details in the coming months.
This marks the third joint venture between BH, PEBB and Related. Their ongoing collaborations have set strong precedents for successful, large-scale developments.
The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail (formerly known as the Office Depot headquarters) in Boca Raton. The proposed project includes 500 multifamily units, a 36,700-square-foot luxury gym and four retail and restaurant outparcel buildings totaling +/- 42,000 square feet. Two existing office buildings totaling 407,500 square feet will remain with the northern tower being converted into a class-A multi-tenant office building.
This planned redevelopment aims to create a vibrant, multifunctional space that caters to both residential and commercial needs.
BH, PEBB and Related also own the 65,908-square-foot Ocean Walk retail plaza in Singer Island and plan a mixed-use development there.
“We are thrilled to expand our relationship with PEBB and Related,” Isaac Toledano of BH Group said. “This Fort Lauderdale site is just a few blocks from Port Everglades, the Broward County Convention Center and Pier Sixty-Six Hotel & Marina. Our future development will add much-needed complementary uses to a highly desirable area.”
About BH Group: BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. BH has extensive experience in the acquisition, construction, design, capital structuring and asset management of complex developments. For the last 20 years, BH Group has been involved in many large-scale real estate transactions and developments by utilizing strong relationships to provide investors with opportunities not otherwise available in the real estate market. For more information, please visit https://www.bhgroupmiami.com/.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth daily. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada and New York. For more information, visit https://pebbenterprises.com/.
About Related Group: Established in 1979, Related Group is Florida’s leading developer of sophisticated metropolitan living and one of the country’s largest real estate conglomerates. Since its inception more than 40 years ago, the company has built, rehabilitated, and managed over 100,000 condominium, rental, and commercial units. The firm is one of the largest privately owned businesses in the United States with a development portfolio worth more than $40 billion. Currently, Related Group has 90+ projects in varying phases of development.
The company has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers, and affordable properties – all built with the goal of positively impacting neighborhoods and improving quality of life across all demographics. Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities’ global culture and streetscapes. For more information, please visit relatedgroup.com.
