In a significant redevelopment transfer, traders plan an upscale spa for the previous web site of a homeless shelter simply north of downtown Hollywood.
Aventura-based investor Yevgen Yatsenko leads a bunch that expects to accumulate the city-owned vacant half-acre of land for $1.8 million in early October, based on a contract that metropolis workers negotiated with Yatsenko and metropolis commissioners authorized.
The investor group will then convert the previous web site of the shelter to a classy retreat. A rendering that Yatsenko submitted to metropolis workers exhibits a “high-end” spa constructing spanning 5,000 sq. ft, with on-site parking and an out of doors swimming pool and Jacuzzi-style tub. Yatsenko declined a request for remark.
“I think it will be a great addition to Federal Highway that will leverage what’s happening down the street at Young Circle and downtown,” mentioned Hollywood Mayor Josh Levy, referring to redevelopment close to the downtown visitors circle the place Hollywood Boulevard and Federal Highway intersect.
At a metropolis fee assembly final week, the mayor and commissioners unanimously approved metropolis workers to execute an amended model of the $1.8 million buy and sale contract with Yatsenko for the North Federal Highway web site.
The modification, proposed by commissioner Caryl Shuham, requires Yatsenko to finish development of the upscale spa inside 18 months of successful web site plan approval of the challenge.
“We’re anxious to get something there,” she mentioned. “We want a top quality project there.”
The pending sale of the location at 1203 North Federal Highway might be the start of the tip of a multi-year effort by Hollywood to induce redevelopment of the previous homeless shelter web site.
The metropolis acquired the property in April 2015 for $1.7 million, based on county property data, then demolished the shelter constructing later the identical 12 months. The vendor was the non-profit operator of the shelter, COSAC Homeless Assistance Center, led by Sean Cononie.
The chief problem in remarketing the property is the small dimension of the location, which precludes intense improvement except it’s half of a bigger assemblage of adjoining properties.
Among different efforts to get the property redeveloped, the town solicited bids in 2015 by means of a proper RFP, or request for proposals, however decided that the proposals have been insufficient, mentioned Shiv Newaldass, Hollywood’s director of improvement providers.
City workers additionally struggled to promote the property with no request for proposals. “We’ve had offers that were contingent upon partnerships and approvals that we didn’t think were realistic,” he mentioned.
“Assemblage is the only thing that would allow for an intense development, a 10-story building,” Newaldass mentioned on the fee assembly final Wednesday.
According to a timeline of occasions that Newaldass confirmed to the commissioners, Yatsenko began bidding for the previous homeless shelter web site with a $950,000 supply in April of final 12 months. Then in May of this 12 months, he raised his bid to $1.3 million, earlier than providing $1.8 million in August.