The Estate Cos. will soon break ground on an apartment complex in downtown Hollywood after obtaining an $80 million construction loan.
U.S. Bank provided the mortgage to Downtown Hollywood Holdings LLC, an affiliate of the Miami-based Estate Cos. It covers 2.26 acres at 2001 Hollywood Blvd., plus 115 and 121 N. 21st Ave.
The developer assembled the site for $15.23 million in 2021 and knocked down an office building and a nightclub.
Last year, the city approved the eight-story Soleste Hollywood Boulevard project, with 324 apartments, nearly 30,000 square feet of commercial space, and 475 parking spaces. It was designed by Miami-based Modis Architects.
There’s been a building boom in Hollywood. City officials changed the zoning in the downtown area to have more density and mixed-use projects, and many people are moving into the new buildings.
The Estate Cos. is one of the largest multifamily developers in South Florida, with eight Soleste-branded buildings completed since 2012 and more on the way. It even has another apartment complex planned in Hollywood.
June 2022. South Florida Business Journal.