BTI Partners pays $16M for downtown Hollywood site of major mixed-use project
BTI Partners closed on a shopping center in downtown Hollywood, where the Fort Lauderdale firm plans to build a major mixed-use development.
Initial plans for the development would combine retail, restaurant, office and residential space, Noah Breakstone, CEO of BTI Partners, said in a prepared statement.
Publicly held Regency Shopping Centers sold the 3.25-acre Young Circle Shopping Center on the east side of Hollywood’s Young Circle for $4.8 million per acre. Cushman & Wakefield brokered the sale to BTI Partners. Regency had owned the shopping center since its 2017 acquisition of Equity One Inc., a real estate investment trust based in North Miami Beach.
The 64,574-square-foot shopping center previously was anchored by a 24,318-square-foot grocery store that Publix had operated since 1961. Walgreens still operates a store at the shopping center, but the vacancy rate increased after Publix relocated its grocery store in downtown Hollywood to the nearby Hollywood Circle mixed-use development in 2018.
BTI Partners also is under contract to purchase another commercial property on the southeast side of Young Circle called the Hollywood Bread Building. BTI would demolish the building and develop a high-rise apartment building with ground-floor retail space on the site.
The combined cost of redeveloping both properties would be about $500 million and would represent the largest redevelopment effort west of the Intracoastal Waterway in Hollywood’s history, according to BTI Partners.
Among other projects, BTI Partners is developing a 347-unit condominium called Marina Pointe at the waterfront Westshore Marina District in Tampa. As the master-plan developer of the 52-acre Westshore Marina District, BTI also is co-developing properties there with Related Group, WCI Communities and Bainbridge Companies.
In Central Florida, BTI Partners recently acquired 1,400 acres near Orlando, a site that has been approved for two million square feet of commercial development and 5,000 residential units.
In 2013, BTI Partners acquired The Grove Resort & Water Park to finish construction of 878 vacation homes there. The property, formerly known as The Grove Resort & Spa, is a five-minute drive from Walt Disney World.