OM Residential Update 06/24/24

Developer Utilizing Live Local Act for Mixed-Use Development in Hollywood, Florida

 

 

Developer Condra Property Group is utilizing Florida’s Live Local with OM Residential, a new mixed-use development in Hollywood, Florida. The Live Local act allows developers to increase residential density and bypass city approvals as long as 40% of the residential units are designated for workforce housing, priced for individuals making up to 120% of the area median income. In addition, the Live Local Act allows the development to rise to the height of the talles buildings within a one-mile radius. The plans submitted by Condra include 282 multifamily units, 9,632 square feet of bar/restaurant space, 11,941 square feet of retail space along with 385 parking spaces. OM Residential will be constructed on a 3.33-acre site across 12 parcels along Ocean drive. The development includes four buildings. The tallest will rise 17 stories and contain 168 market-rate studio, one-, two-, and three-bedroom apartments, ranging from 580 to 2,000 square feet, and a restaurant. A three-story building along the beach will include a beach club, restaurant and rooftop pool. In the middle, 114 studio, one-, and two-bedroom workforce housing units ranging from 522 to 975 square feet, along with a rooftop pool and retail space will be contained in a six-story building. On the south side of the property, a seven-story building will feature ground-level retail space and a parking garage. The market-rate and workforce apartments will offer separate amenities which will include resident lounges, fitness centers and party rooms. The site currently includes 123 hotel rooms, most in two-story buildings which will be demolished.

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