Related Group is launching sales for an affordable condo-hotel project in Hollywood called Hyde Beach House, after obtaining approvals earlier this month.
The 42-story building is valued at $200 million. It will include 265 condo-hotel units, along with 77 residential condo units. Pricing will average about $600 per square foot, and range from $400,000 to $1,000,000.
Buyers of the condo-hotel units will only be permitted to stay there for up to 150 days per year thanks to zoning code, similar to other condo-hotel projects in the area.
Related partnered with 13th Floor Investments and Key International to buy the waterfront 2.4-acre site at 4000 S. Ocean Drive in Hollywood out of foreclosure last year. It is bordered by a 7-Eleven gas station and Crowne Plaza hotel, while a Walmart is located across the Intracoastal.