Related Group & Partners Plan $2B Mixed-Use Fort Lauderdale Development
It includes hotels, condos, and waterside entertainment.
Related Group is joining forces with Rok Acquisitions, and Tate Capital for a $2 billion mixed-use development in Fort Lauderdale.
The project plans will take almost 40 acres of land and water at the Bahia Mar marina, which is owned by the city, according to a report from CNBC. It will consist of condo towers, hotels, and 88,000 square feet of waterfront commercial space. The latter will include a park, beach club, boat docking, restaurants, slips marina for yachts (covering up to 350 feet), and a pedestrian promenade.
St. Regis hotel, projected to host roughly 200 rooms, will replace the DoubleTree brand at Bahia Mar.
The new site is set at Bahia Mar and is scheduled to debut later in 2029.
“Fort Lauderdale — and South Florida in general — has been waiting for a true destination that has a Monaco-like feel,” said Nick Perez, president of the condominium division for Related Group.
“We have the deep water marina, we have the restaurants, but we don’t have this five-star resort that encompasses everything. So this is kind of what the market has been missing.”
According to Jorge Perez, CEO and chairman of Related, nearly two-thirds of the visitors that Fort Lauderdale attracts are from overseas. Most of them come from Latin America and Europe.
The development marks a long time coming for Tate and Rok Acquisitions, as city officials and residents objected to proposals for years due to the size, according to CNBC. However, now there is a compromise – the buildings are smaller, with extra amenities included.
For retail, Florida is continuing to outpace the national average, according to a report from Colliers. Broward County, which is where Fort Lauderdale is located, saw sales surge over 100 percent year-over-year during the first six months of 2024. Florida is not only an attractive place for tourists but an appealing area to live as well. According to Colliers, 1,000 individuals move to Florida every day. In 2023, the state ranked first in domestic and second in international migration.