Real estate professionals agree: Hollywood has unrealized potential. At the Marriott Hollywood Beach last week, panelists at the Hollywood Development & Investment Forum, hosted by the Urban Land Institute (ULI), spoke about how they’re moving this Broward city forward.
▪Could more industrial real estate be coming to Hollywood? Yes, according to Hollywood City Manager Dr. Wazir Ishmael, who said the city is looking to attract more industrial landlords.
Companies that use industrial space bring jobs, said city spokesperson Joann Hussey. “We want to encourage manufacturing companies in the aerospace and marine industry, because we want to have these high-paying jobs.”
Hollywood officials are hoping to redevelop the Design and Commerce Center, a 150-acre mixed-use business park that has been designated an Opportunity Zone. They are also trying to attract more manufacturing companies to its Port 95 Industrial Park.
Filling the space should be easy, said Ken Krasnow, Colliers International’s vice chairman of institutional investor services for Florida. “Land opportunities in Broward are vastly disappearing.”
A Broward location gives a company the ability to serve the northern and southern markets in South Florida from a central location. “Broward’s central location in this region is one of the drivers in the industrial market,” said Krasnow.
▪Could co-living make a debut? Co-living has come to Fort Lauderdale, thanks to Property Markets Group, but none has hit Hollywood. That’s about to change, Ishmael said.
It’s a strategy designed to attract millennials, said Hussey.
“When I look at where my employees are going — it’s Hollywood. There is an opportunity to attract them to Hollywood, the product just needs to be there,” said Michael Feinsten, founder and CEO of Büro.
Said Krasnow, “ultimately, what people are looking for is a live-work-play environment. If you create these spaces, it’s important to these people for them not to have to commute.”
▪ And on the ever-important is public transportation to investors in the area? All five speakers on the “Developers’ Perspectives” panel agreed.
“A city that does not have affordable housing and good public transit will never be a first-class city,” said Vivian Dimond, Brown Harris Stevens managing broker and developer. Miami missed out when it had the chance to improve public transit 10 years ago, she noted. Hollywood still has the chance to enhance public transit that will make a difference a decade from now, she said.
All favored more rail connections, with additional train stops between Fort Lauderdale, Hollywood and Miami.