BTI’s $500M South Fla. Mixed-Use Project Gets Approvals

A mixed-use development featuring two 35-story towers and 856 units developed by BTI Partners, with guidance from Government Law Group PLLC, has won key approvals from Hollywood, Florida, officials this week, clearing a path for the over $500 million project to move forward.

The Hollywood City Commission voted unanimously on Wednesday to approve the rezoning, design and site plan for Block 57, a project planned for downtown Hollywood that involves extending a major boulevard to go between the site’s two proposed towers.

“It alone will tremendously enhance property values, clean up homelessness, bring eyes to the streets, walkability to the area and really make downtown Hollywood … what it was always intended to be,” Keith Poliakoff of Government Law Group told Law360 in an interview.

Poliakoff said the approvals for Block 57, a project that will cost a little over $500 million to build, came after working with various government entities on the plan for two years.

The proposed development has faced “virtually no resident concerns at all, which is almost unheard of,” he added.

The project, developed by Fort Lauderdale, Florida-based BTI, features 856 apartment units, over 38,000 square feet of office space, 142,000 square feet of commercial retail space and 1,500 parking spots, according to site plan documents.

It is expected to encompass over three acres about a mile and a half from the South Florida city’s boardwalk, according to BTI’s website. Hollywood is a beachside town situated between Fort Lauderdale and Miami in Broward County.

The approvals for Block 57 came with some conditions to make sure that the design the Hollywood city commissioners OK’d is maintained as the project moves further along the construction process, Poliakaff said.

At Wednesday’s meeting, the commissioners also asked BTI to continue working with city staff and the Florida Department of Transportation on the project’s street design and traffic flow.

The development firm previously paid $15.75 million to buy part of the project site, a retail complex called Young Circle Shopping Center, according to an announcement in 2020.

BTI and Bridge Investment Group recently secured an $83 million construction loan to build another mixed-use project in Hollywood that will feature 362 units and 16,000 square feet of retail space, the companies said in August.

BTI is represented by Keith Poliakoff of Government Law Group PLLC.

–Editing by Steven Edesltone.

Article Link: BTI’s $500M South Fla. Mixed-Use Project Gets Approvals
Auther: Charlie Innis