Fort Lauderdale-based BTI Partners and Salt Lake City-based Bridge Investment Group have secured an $83 million construction loan from Canadian Imperial Bank of Commerce for a new 25-story mixed-use development in Downtown Hollywood’s Central Business District. The development site, acquired by the developers in 2021 for $11 million, was once home to the long-neglected and now demolished Hollywood Bread Building. Located at 1727-1745 Van Buren Street, 1700-1716 Harrison Street and 1740-1760 South Young Circle, the redevelopment of the site is an important step in the revitalization of the west end of Downtown Hollywood anchored by the 10-acre ArtsPark at Young Circle. The new development will yield 362 market-rate apartments and about 16,000 square feet of retail space, designed by Adache Group Architects and Modis Architects.
This project is part of BTI Partners’ larger effort to continue to revitalize Downtown Hollywood. BTI Partners is also in the planning and approval stages of a second project to replace a strip mall a few steps away from the Bread Building with twin 35-story towers at 1701 East Young Circle. The second project will include residential living, shops, restaurants, office space and a skywalk connecting the two towers. Both projects together will represent a direct investment of over $500 million in Hollywood’s Young Circle neighborhood.
Hollywood Bread Building (right) and B57 North + South (center). Credit: BTI Partners.
“The new Hollywood Bread Building development will continue to inject new life into Downtown Hollywood and is an important milestone to the future redevelopment of a new and revitalized Young Circle,” said Noah Breakstone, CEO of BTI Partners. “Overlooking ArtsPark, easy access to amazing beaches, and close proximity to South Florida’s largest employment hubs, the new mixed-use development will be a tremendous asset for the city and residents looking to live, work and play in Hollywood’s east urban core.”
“We are proud to be part of a development team that is focused on bringing new life to downtown Hollywood, which has so much to offer,” said Denberg, Managing Partner of Saul Ewing’s Fort Lauderdale office. “The new Hollywood Bread Building will bring pedestrian activity to the ArtsPark and to the many businesses on Young Circle eager to grow and thrive. This is the perfect urban location to create a highly-desired live, work, play and enjoy environment.”
The former Hollywood Bread Building prior to demolition in February 2021. Photo from Google Maps.
“Bridge is excited to bring a development of this quality to Young Circle for Hollywood residents to enjoy,” said David Coelho, Chief Investment Officer of Bridge Development and Opportunity Zones. “We are grateful for all of the support we received from residents, community leaders, and elected officials. We look forward to continuing construction and turning our vision into reality.”
“We are pleased to have been involved in the financing of this game-changing development, which will help meet the demand for more housing opportunities in Hollywood as its strategic location continues to attract residents and businesses to the city,” said Kohn, whose team advised BTI Partners on arranging the joint venture with Bridge as well as on securing the construction loan.
The 1.3-acre development site as of July 2022. Photo from Google Maps.
Cushman & Wakefield Equity, Debt & Structured Finance team brokered the transaction, which closed on Friday, Aug. 19th. Attorneys Luis Flores, Michael Denberg and Sophia Rub of Saul Ewing Arnstein & Lehr represented the developer in closing the transaction.
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Is there a GC on this project already?
C’mon the strip mall isn’t that rundown! Exciting development though.