Hyde Resort & Residences rendering
The Related Group has officially acquired the beachfront site of its planned Hyde Resort & Residences on Hollywood Beach development.
A company tied to Miami-based Related and New York-based Related Cos. paid $17 million for the 1.3-acre property at 4111 South Ocean Drive, South Florida Business Journal reported. The seller was a company managed by Fortune International Realty president Edgardo Defortuna. Fortune is marketing Hyde for Related.
The Fortune company paid $23 million for the property in 2005.
Hyde is a $200 million project. Plans for the 40-story tower include 367 condo-hotel units and 40 condos. The project is also scheduled for a 2016 completion. [South Florida Business Journal] — Eric Kalis
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/jIC8Fv5xWT4/
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