Related Group has joined onto another major waterfront project in southern Florida. Related, Tate Capital and Rok Enterprises Inc. have finalized a joint venture to co-develop a master-planned site that would redevelop an underutilized section of Fort Lauderdale into the Bahia Mar mixed-use complex.
The Bahia Mar plan calls for the redevelopment of a section of Fort Lauderdale’s waterfront that’s used for the annual Fort Lauderdale International Boat Show that takes place over the course of five days in October. While the FLIBS attracts plenty of guests during the event, the joint venture said the area is otherwise underutilized and often closed-off.
The redevelopment of the site will see a mixed-use complex with residential, hospitality, commercial and public uses. When completed, the project will be anchored by a 256-key hotel and resort that will include 60 turnkey condos. The residential portion of the project also includes 350 units that will be spread across four towers.
The joint venture will task whatever future luxury hotel brand anchors Bahia Mar to manage all the on-site residents and hotel units. The mixed-use development will also offer a half-mile of pedestrian boardwalk around the waterfront, several acres of waterfront greenspace and open access to the 35,000-square-foot Marina Village waterfront promenade.
While the project redevelops the space originally used for the FLIBS, the joint venture is planning on having the new Bahia Mar complex still meet the needs of the annual boat show. The joint venture said that the project will be designed for long-term hosting of the FLIBS, including a yacht marina with 245 slips, 87,000 square feet of Class A commercial space, a dockmaster building and offices, captain’s quarters, retail outlets and more. The overall site plan also includes more than 7.3 acres of contiguous waterfront boat show space to accommodate the FLIBS.
Remaining active in Fort Lauderdale
Jon Paul Perez, president of Related Group, said in prepared remarks that the company has been active in the Fort Lauderdale market for many years. The firm’s current Fort Lauderdale multifamily portfolio includes the 42-story Icon Las Olas that is the city’s tallest tower and the Regatta at New River that offers luxury rentals ranging from studios to three-bedroom units.
The company is still working on a number of projects with other joint venture partners throughout southern Florida. In November 2021, Related joined a joint venture with Globe Invest and BH Group to develop a 10-acre mixed-use development in downtown West Palm Beach, Fla. The company decided to work with BH Group again, along with ROVR Development, to develop a 343-unit luxury high-rise community in Miami that was announced in July 2022.
