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.
“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.
