An aerial view of downtown Hollywood's ArtsPark at Young Circle with the Young Circle Shopping Center site in the background. (Photo: Courtesy Photo)
Developer and investor BTI Partners LLC bought downtown Hollywood's Young Circle Shopping Center for $15.75 million with plans to redevelop the site as part of its bigger vision for the growing area.
BTI Partners based in Fort Lauderdale plans to create a mixed-use complex with residential, office and retail development in downtown Hollywood.
BTI also has the nearby Hollywood Bread Building under contract to purchase and plans a high-rise, high-end apartment tower on that site.
BTI bought the shopping center Friday from publicly traded real estate investment trust Regency Centers Corp. based in Jacksonville. The purchase breaks down to $244 a square foot.
The 64,574-square-foot shopping center sits on 3.25 acres east of Young Circle between Tyler and Harrison streets at 100-1735 E. Young Circle.
Publix occupied a 24,318 square-foot space at the shopping center from 1961 until a recent relocation, prompting a rise in vacancies at the shopping center.
The location has been attracting attention with the 10-acre ArtsPark at Young Circle regularly hosting events.
"We are bullish on the future of Hollywood's urban core," Noah Breakstone, CEO of BTI, said in a news release. "Many cities are turning to large-scale, mixed-use development to fuel new growth and urban revitalization. Downtown Hollywood is prime for this growth and is undergoing a resurgence."
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
