FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale.
The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development.
Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months.
This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton.
Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management.
Also based in Miami, Related Group is a privately-owned developer with a focus on residential projects. Since its inception, the company has developed and managed over 100,000 condominium, rental and commercial units. The firm currently has a pipeline of 90 projects in various stages of development.
Boca Raton-based PEBB Enterprises is a full-service private equity real estate investment company. The firm primarily acquires and develops regional and power shopping centers and suburban office buildings, with a portfolio of properties in Florida, Texas, Nevada and New York.
—Katie Sloan