New York developer KAR Properties has closed on the purchase of a 1.2-acre oceanfront property at 2000 South Ocean Drive in Hallandale Beach for $38 million.
KAR plans to begin construction in Fall 2015 on a 38-story, 450-foot condo tower with 64 units designed by architect Kobi Karp. Plans have already been approved by the Hallandale Beach council.
At $38 million, KAR paid about $600,000 per unit just for land. In order to turn a profit, KAR will need to find buyers willing to pay extremely high prices in Hallandale Beach.
KAR also bought the riverfront parcels in downtown Miami in separate purchases that totaled about $60 million The developer plans an 800-foot tower on that property.