1301 South Ocean Dr.
The Hollywood Arts Building
The City of Hollywood and The Related Group is proposing improvements to
1301 South Ocean Drive.
The Hollywood Arts Development Project
The City of Hollywood and The Related Group is proposing improvements to 1301 South Ocean Drive.
Learn Our Story
THE VISION
The Hollywood Arts Building and the new and enhanced public facilities represent an 18-month collaborative effort between the City of Hollywood and The Related Group to dramatically improve a beloved public beachfront destination. Once completed, the project will be a focal point and place of pride for the community.
First and foremost, the pristine beachfront will remain unchanged and untouched. It will always be a public beach that is separated from the Hollywood Arts Building parcel by Surf Road.
The proposed development improves public access to the beach while protecting the integrity of the dunes and adding additional public green space, parking spaces, restrooms, and showers. A new, larger state-of-the-art Community Center will replace the existing facility and include meeting rooms, a fitness center, and a restaurant. The project will be transformative — vastly improving the experience for all visitors and beachgoers now and for decades to come.
The project also brings significant economic benefits to the community, including an estimated upfront rent payment of $35 million, annual rent of $400,000 per year, a percentage of gross retail revenue, and an innovative revenue share from the resale of units. The city will also receive 100% of public parking revenue, estimated at more than $414,000 per year, and a dramatic increase to the tax base. This includes more than $2.7 million in annual real estate taxes and about $30,000 in annual city sales taxes. Over the life of the lease, the city will see more than $1 billion in new revenue. According to the city’s estimates, revenue from the Hollywood Arts Building could lead to a lower overall property tax rate for the citizens of Hollywood.
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FAQ
More green space, more public parking, plus improvements to the community center and
access to the beach.
Click below to learn how.
No. The public will have the same access to the beach. The developer will improve the dune crossovers for pedestrians and increase handicap accessibility. The beach will always remain separated from the development by Surf Road. In addition, the developer will perform dune preservation efforts for 25,000 square feet of dunes, to strengthen and enhance protection against storm surges.
Public parking will be improved with 158 public parking spaces, an 21% increase of the current number, and the majority of the public parking spaces will be covered.
The old community center (18,000 square foot) will be rebuilt, enlarged, and improved as a 30,000 square foot ocean-front community gathering place, with approximately 25,000 air-conditioned square feet and 3,250 square feet of elevated deck space. Proposed programming includes a public library, banquet room, conference/meeting space, and fitness center. This will be the only beach front public community center of this substance featuring ocean views in South Florida. In addition, a 4,600 square foot public dining space with additional outdoor seating is also proposed.
The current Harry Berry Park consists of 22,400 square feet and will be expanded to a brand new 35,000 square foot park with upgrades to include public restroom facilities, showers, and a children’s playground. The developer will add a 24,500 square foot public plaza and green space and a 13,100 square foot art space along A1A. An additional 11,000 square feet of additional plaza and sidewalk extensions will be added.
What will the City of Hollywood receive financially?
- Initial rent payment to the city of $5 million.
- Closing Rent Payment is estimated at $30 Million
- Over the life of the lease, the city will see more than $1 billion in new revenue.
- According to the city’s estimates, revenue from the Hollywood Arts Building could lead to a lower overall property tax rate for the citizens of Hollywood.
Total yearly revenue to the City is projected to exceed $3,000,000 per year consisting of the following:
- Property taxes to City: Approx. $2,415,217 per year
- Additional annual rent of $400,000 per year + CPI (historically 2.3%)
- 30% of gross retail revenues (~$75,000, increasing with inflation)
- 100% of all parking revenue as an estimated amount of $414,000 per year.
- Payment from condo resales: Each sale (or resale) of a unit being purchased from someone other than the developer will pay the city a fee of .25% of the sale price which is estimated to generate annual revenue to the city in the range of $282,000.
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