Three Miami developers — the Related Group, 13th Floor Investments and Key International —formed a joint venture and acquired a 2.4-acre parcel through a foreclosure auction.
The site at 4000 S. Ocean Drive along the Intracoastal Waterway in Hollywood is across A1A from Related Group’s Apogee Beach and Hyde Resort & Residences.
The developers paid $10 million to purchase the debt on the property prior to the auction. They plan to develop a mixed-use condominium and hotel project. Construction is expected to start in the second half of 2015.
The project marks the first time Related has worked with Key International and 13th Floor, which are working together on several condo projects, including 400 Sunny Isles in Sunny Isles Beach and 1010 Brickell in downtown Miami.