Hollywood Bread Building redevelopment breaks ground

By Brian Bandell for South Florida Business Journal

BTI Partners recently started construction on a 25-story project along Young Circle in downtown Hollywood after obtaining an $83 million construction loan.

Canadian Imperial Bank of Commerce provided the mortgage to Fort Lauderdale-based BTI Partners, led by Noah Breakstone, along with its partner Bridge Investment Group in Salt Lake City. It covers the 3.24-acre site at 1727-1745 Van Buren St., 1700-1716 Harrison St., and 1740-1760 S. Young Circle.

The site previously had the vacant Hollywood Bread Building, which was demolished after the developer purchased the property for $11 million in 2021. However, BTI Partners did preserve the historic Bread Building sign to incorporate into the new tower.

The project will feature 362 apartments and 16,000 square feet of retail. It’s expected to be completed in two years.

“The new Hollywood Bread Building development will continue to inject new life into downtown Hollywood and is an important milestone to the future redevelopment of a new and revitalized Young Circle,” Breakstone said. “Overlooking ArtsPark, easy access to amazing beaches, and close proximity to South Florida’s largest employment hubs, the new mixed-use development will be a tremendous asset for the city and residents looking to live, work and play in Hollywood’s east urban core.”

The site is in a federal opportunity zone, so a long-term investment there could have significant tax savings.

Cushman & Wakefield’s Steve Kohn, Chris Lentz and Chris Moyer arranged the loan and the joint venture with Bridge. The developer also worked with attorneys Luis Flores, Michael Denberg and Sophia Rub of Saul Ewing Arnstein & Lehr.

There has been a wave of development in downtown Hollywood after city leaders changed the zoning codes to permit more density. The city has attracted new residents because it’s between the employment centers of Miami and Fort Lauderdale, and it’s near the beach.

In fact, BTI Partners is working on a larger project on Young Circle, featuring two 35-story towers. It has yet to break ground.

External Source: BTI Partners breaks ground on Hollywood Bread Building redevelopment apartments – South Florida Business Journal (bizjournals.com)