BH Group, PEBB Enterprises and Related Group have closed the $48.5 million acquisition of a waterfront mixed-use shopping center with fully entitled development rights in Fort Lauderdale. The joint venture plans a transformative mixed-use project with brand-new residences, retail and restaurant space. This strategic acquisition underscores the collaborative vision of the partners to enhance urban living and dining experiences in Fort Lauderdale. Amerant Bank provided acquisition financing. BH, PEBB and Related plan to unveil project details in the coming months which will aim to create a vibrant, multifunctional space that caters to both residential and commercial needs.

Located at 1515 SE 17th St. in the city’s Harbordale neighborhood, the 7-acre site is entitled for the development of 361 residential units and 12,000 square feet of retail and restaurants. The site is home to an existing 73,000-square-foot shopping center, The Quay, with the popular Boatyard restaurant, a variety of additional eateries and yachting tenants. It also includes a marina and two-story office building. The property will undergo significant improvements to align with the new development vision.

“Opportunities to acquire an infill waterfront site in a high-traffic area near downtown Fort Lauderdale do not come around often,” PEBB Chief Investment Officer Eric Hochman said. “Our partnership is well-positioned to maximize the site’s tremendous potential. This project will bring unique value to the local community, including new job opportunities and enhanced lifestyle amenities.”