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Plaza Group Teams up With Avatar Properties

HOLLYWOOD, FL-The two South Florida companies just formed a joint venture to develop the $200 million Ocean Palms on Hollywood Beach here. The ultra-luxury condominium development will comprise 250 units costing between $400,000 and $2 million.

By Melissa Bogdany | Updated on January 28, 2003

HOLLYWOOD, FL-The Plaza Group Inc. of Fort Lauderdale and locally based Avatar Properties Inc. have formed a joint venture to develop Ocean Palms on Hollywood Beach, a $200 million ultra-luxury condominium development here. To be located just north of the Diplomat Hotel, the project will be the first high-end oceanfront condominium to be built in Hollywood in 25 years.

Ocean Palms will have 250 two-, three- and four-bedroom residences, which will range in size from approximately 1,700 sf to more than 3,000 sf. Units will start in the $400,000-range and go up to $2 million for penthouse residences.

Plans call for the building to be built in three tiers: 38 stories, 35 stories and 32 stories. Future plans call for a second phase to be built across State Road A1A at 3100 S. Ocean Drive. It would include a six-story building with 12,000 sf of retail space, 7,000 sf of restaurant space and a 332-space parking garage. The Ocean Palms Condominium will be built on the five-acre east, oceanfront property at 3101 S. Ocean Drive.

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