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Lauderdale agency OKs proposed Bahia Mar project

Lauderdale agency OKs proposed Bahia Mar project
Jimmy Tate and other investors proposed a resort redevelopment with two 39-story condos
December 19, 2015 03:15PM

Rendering of proposed Bahia Mar redevelopment

The Fort Lauderdale Planning and Zoning Board approved a proposed $400 million redevelopment of the Bahia Mar resort and marina.
The developer wants to lease the city-owned beach property where Bahia Mar is located for 100 years.
The proposed redevelopment includes two 39-story condos that raised concerns about their height, compared to nearby multi-story buildings.
But the planning and zoning board voted 6-2 in favor of the redevelopment proposal by Rahn Bahia Mar LLC. The company’s leadership includes Jimmy Tate, president of Tate Capital in North Miami Beach.
The proposed redevelopment could take up to 10 years to build and would include a major renovation of the hotel and marina, which serve as the main venue of the Fort Lauderdale International Boat Show.
Robert Lochrie, an attorney for the developers, said the condo component of the proposed makeover of Bahia Mar makes the project viable.
The development group bought the current 47-year city lease on the Bahia Mar property last year and signed a 30-year contract with the boat show to keep it in Fort Lauderdale. [Sun-Sentinel] — Mike Seemuth

Source: The Real Deal

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