Estate Cos. buys downtown Hollywood development site for $15M
The Estate Cos. acquired a development site in downtown Hollywood to set the stage for new apartments and commercial space.
Soleste Hollywood Boulevard will be part of a redevelopment wave in downtown Hollywood that’s attracting new residents and businesses to the city thanks to new zoning and its central location between Miami and Fort Lauderdale.
SunTrust Office Parking Lot LLC and SunTrust Office Building LLC, both managed by Steven B. Berman as CEO of Hollywood-based Firm Realty, issued four deeds for a combined $15.23 million to Downtown Hollywood Holdings LLC, an affiliate of Miami-based the Estate Cos. The deals covered 2.26 acres at 2001 Hollywood Blvd., plus 115 and 121 N. 21st Ave.
The site currently has a 39,361-square-foot office building and 5,111-square-foot nightclub, which will both be demolished.
Soleste Hollywood Boulevard was approved for eight stories with 324 apartments, nearly 30,000 square feet of commercial space, and 475 parking spaces. It was designed by Miami-based Modis Architects.
The project is also in an opportunity zone, so the developer could receive federal tax benefits.
South Florida Business Journal, Sept. 20th, 2021