MIAMI—Related Group, 13th Floor Investments, and Key International have teamed up to acquire a 2.4-acre waterfront site in a foreclosure auction. The real estate firms formed a joint venture to buy the site, which is right across the street from Related's Apogee Beach and Hyde Resort & Residences.

The JV plans to develop a mixed-use condo-hotel project on the lot at 4000 South Ocean Drive along the Intracoastal Waterway and across the street from the Atlantic Ocean. Construction is set to begin in the second half of 2015.

“As the condo market continues to expand northward, from Sunny Isles and Bal Harbour, we are seeing great appreciation in our Hallandale and Hollywood developments…,” says Carlos Rosso, president of Related's condominium division. As he sees it, Hallandale and Hollywood are “on track to become the place to be, on the sand north of Sunny Isles.”