The Hollywood Beach Hotel - the Grand Lady: Past, Present, and Future - Recorded November 8, 2020 Clive Taylor on the fascinating story of the Hollywood Beach Hotel - a history and virtual tour. Co-sponsored by the Friends of the ...
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A company founded by a New York City real estate mogul purchased prime beachfront property in the South Florida city of Hollywood. The choice land sits at Hollywood Blvd. and A1A. It was built in 1925 by Joseph Young, who founded the city the same year.
As time passed, it became the live-in Florida Bible College. More recently, though, the structurally unsound building was known as the Hollywood Beach Resort, which is now closed. The property includes condos, retail space and a parking garage. The Chetrit Group doesn't own the parking garage and property in front of the hotel.
Clearly, residents care about the declining and abandoned property. So, it stands to reason that people are asking questions and searching public information to try to discern what the Chetrit Group may ultimately do with the tarnished beach jewel.
But it's also important to understand that this consequential property is part of a larger picture of development in Hollywood. Supporters of that development -- including business leaders and many elected local leaders -- see development as a way to improve a city that is almost 10 decades old. Such development, they argue, also generates needed tax revenue as Hollywood prepares to confront enormous challenges over the next few decades. In the alternative, skeptics assert massive development projects impose costs seen and unseen.Meanwhile, against this backdrop, press reports indicate that Chetrit Group secured a city permit to demolish a minor part of the historic structure.
So, two basic questions become apparent: Who is Joseph Chetrit? And what type of developments does he build?
A lawsuit filed in Miami-Dade Circuit Court suggests how a former business partner views Joseph Chetrit and his company. Matt Press and his company, EquiShares, Inc., allege that Press invited the Chetrit Group to join him in acquiring and developing the Hollywood Beach Resort. But the suit, filed Nov. 30, 2022, charges the Chetrit Group didn't keep its word, essentially forcing Press and his company out of the lucrative deal. The civil complaint doesn't provide lots of details about the prospective development of the Hollywood Beach Resort, although it mentions renovating the structure. Chetrit Group denies the allegations in the civil complaint.
Fortunately, an article republished by a South Florida law firm offers some insight into the types of property that attract Chetrit Group. It says, "The founder of the Chetrit Group has wheeled and dealed his way through trophy properties such as the Sony Building, the Hotel Chelsea, the old Daily News building at 450 West 33rd Street, and is developing what's slated to be Brooklyn's tallest skyscraper. He is the largest owner of new apartments in Jamaica, Queens. He has developed a pair of mega blocks on the Upper West Side."
The article continues, "Chetrit's real estate pursuits extend well beyond the city's borders. In 2004, he paid about $900 million to buy Chicago's iconic Willis Tower (formerly the Sears Tower). He's developing a $1 billion mixed-use project in Brickell, dubbed Miami River. And that's just in the U.S. -- he also owns properties in Israel, France, Peru, Canada, and his native Morocco."
But this warm and fuzzy piece only tells us about "The Man from Morocco". It doesn't let us know what is happening in the City of Hollywood as money floods the coastal city in the aftermath of the Covid-19 pandemic.
However, aware of all the upscale development taking place here, some residents have peppered Mayor Josh Levy with questions about the status of the Hollywood Beach Resort. But Levy, up for reelection for a third and final term this November, ducks talk that Chetrit Group wants permission to build 35-story towers on the site.
Instead, he serves up vague answers, saying a mix of historic and modern design might work. The mayor also has replied that an "appendage" or "appendages" might be part of the new development.
Wanting more information, I sent Mayor Levy an email on Aug. 25. I haven't gotten a response.
So, this article will provide information about the Chetrit Group, their business connections and their record based on public information. It will also clue readers in on a city that celebrates its 100th anniversary next year, and our barrier island that is already crowded and difficult to evacuate in the event of a hurricane or other emergency.
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