The three firms acquired the 2.4-acre site at 4000 South Ocean Drive through foreclosure, The Real Deal reported. The property, located on the Intracoastal Waterway, is directly across State Road A1A from two Related projects, Apogee Beach and Hyde Resort & Residences.
Construction is estimated to begin in the second half of 2015. The developers told the Sun-Sentinel that the project will be similar to 40-story condo-hotel Hyde, which will have 407 units. The building, pictured below, will have 40 regular condominiums and 367 condo-hotel units, where guests and owners can stay for a maximum of 150 days at a time.
The 4000 South Ocean Drive project marks the first time Related, 13th Floor and Key have all worked together. 13th Floor and Key have collaborated on several developments, including 400 Sunny Isles in Sunny Isles Beach and 1010 Brickell (we interviewed 13th Floor’s Arnaud Karsenti about 1010 Brickell here).