South Florida-based developers Related Group (Related), Tate Capital and Rok Acquisitions, in collaboration with hospitality leader Marriott International, have revealed plans for The St. Regis Resort and Residences, Bahia Mar Fort Lauderdale.
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Clockwise from the top-left corner: James Tate, Demetri Demascus, Shahab Karmely and W. Allen Morris.
Why Rent Strikes Are Bad for Everyone and What’s Going to be Done about Unemployment?
Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims.
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Jimmy Tate Closes On $50 Million Loan for Bahia Mar Resort in Fort Lauderdale Beach
Jimmy Tate and Tate Capital has locked in a $50 million loan for Bahia Mar in Fort Lauderdale Beach from Florida Community Bank and has boosted its mortgage on the property to $135 million. The project includes a $7 million redesign of the Bahia Mar Fort Lauderdale Beach – a DoubleTree by Hilton, which is a 40-acre, 296-key resort. Bahia Mar was redesigned by Kobi Karp and is expected to be completed in October (2017). Tate Capital is planning to invest close to $500 million in redeveloping the property into a mixed-use project which will also include 7 apartment buildings, dock space, restaurants, a 250-slip marina with docking for 100 mega-yachts, etc. They have also secured that the Fort Lauderdale International Boat Show will remain at Bahia Mar through 2050.
