Estate scores approval for pair of Hollywood rental projects
Two buildings totaling 503 units will rise near Young Circle
Robert Suris and Jeffrey Ardizon of The Estate Companies and Renderings of the project at 2000 Van Buren Street and 2001 Van Buren Street (The Estate Companies)
With its first Hollywood apartment building under construction, The Estate Companies is embarking on two more projects in the city.
Estate will develop a 12-story building at 2001 Van Buren Street and an eight-story building at 2000 Van Buren Street, according to the developer’s news release. The projects, which will be part of Estate’s Soleste brand, are dubbed Soleste Hollywood Village North and Soleste Hollywood Village South, respectively.
The Hollywood Planning & Development Board this week voted in favor of the projects, which was the final step in the approval process.
The North building will total 207,000 square feet and bring 300 apartments, eight live-work units on the ground floor and 384 parking spaces. The South building, which will span 160,000 square feet, will have 203 apartments, five live-work units on the ground floor and 273 parking spaces.
The units across both buildings will include studios, one-bedroom apartments, one-bedrooms with a den and two-bedroom units, the release says.
Construction is expected to start in the fourth quarter, and completion is slated for 2024.
This summer, Estate scored an $80 million construction loan for its first eight-story apartment project with 324 units at 2001 Hollywood Boulevard in downtown Hollywood. The site is in an Opportunity Zone.
The projects are another sign of Estate’s expansion beyond Miami-Dade County, where the company has been a prolific multifamily developer. Led by Robert Suris and Jeffrey Ardizon, Estate has built in West Miami and Palmetto Bay, selling its projects soon after lease-up.
In North Miami Beach, Estate plans the 28-story Soleste on the Bay with 363 units at 16375 Biscayne Boulevard. The project will rise immediately south of the 23-story, 367-unit Soleste NoMi project that Estate is developing.
Still, in recent years, the South Miami-based firm has branched out to Broward and Palm Beach counties.
In Pompano Beach, Estate scored city approval in June for the eight-story, 253-unit Soleste Pompano Beach at 208 North Federal Highway. Farther north, Estate plans an eight-story, 321-unit project at 410 and 510-560 North Rosemary Avenue in downtown West Palm Beach.
The company’s bet on the multifamily market comes at a time of skyrocketing rents, fueled by migration to South Florida. Although rent growth slowed this summer and into the fall, rate hikes are likely to pick up again following Hurricane Ian. After the storm pummeled the Gulf Coast, seasonal demand from snowbirds is expected to be redirected to South Florida.
October 2022. The Real Deal.