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Local Real Estate Developers Purchase Mixed-Use Shopping Center in Fort Lauderdale

Amerant Bank provided acquisition financing.

BH Group, PEBB Enterprises, and Related Group finalized the purchase of a waterfront mixed-use shopping center in Fort Lauderdale for $48.5 million. The joint venture aims to develop a mixed-use project that includes new residences and retail and restaurant space, showcasing the partners’ collaborative vision to improve urban living and dining experiences in Fort Lauderdale.

Situated at 1515 SE 17th St. in the Harbordale neighborhood, the seven-acre site has been approved to construct the mixed-use shopping center featuring 361 residential units and 12,000 square feet of retail and restaurant space. The site currently houses the 73,000-square-foot shopping center, The Quay, which features the popular Boatyard restaurant, various other dining options and yachting tenants. Additionally, it includes a marina and a two-story office building. Extensive renovations are planned to align the property with the new development vision.

Quay Mixed-Use Shopping Center

“Opportunities to acquire an infill waterfront site in a high-traffic area near downtown Fort Lauderdale do not come around often,” says PEBB Chief Investment Officer Eric Hochman. “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 are preparing to reveal project details in the upcoming months. This collaboration signifies the third joint venture between the three entities, with a track record of successfully delivering large-scale developments through ongoing partnerships.

This proposed redevelopment aims to establish a dynamic, versatile area that addresses the requirements of residential and commercial purposes. Additionally, BH, PEBB and Related own the 65,908-square-foot Ocean Walk retail plaza in Singer Island and intend to pursue a mixed-use development in that location.

“We are thrilled to expand our relationship with PEBB and Related,” says Isaac Toledano of BH Group. “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.”

The companies are teaming up for a significant mixed-use redevelopment project at 6600 North Military Trail in Boca Raton, previously the Office Depot headquarters. The plan involves 500 multifamily units, a 36,700-square-foot luxury gym, and four retail and restaurant outparcel buildings, totaling approximately 42,000 square feet. Additionally, two existing office buildings, totaling 407,500 square feet, will be retained, transforming the northern tower into a class-A multi-tenant office building.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.