Icon Beach Waterfront Residences Breaks Ground in Hollywood: What Buyers Should Know
Hollywood, Florida is stepping further into the spotlight of South Florida’s luxury waterfront market. Related Group and BH Group have officially broken ground on Icon Beach Waterfront Residences, a 38-story condominium tower rising on the Intracoastal side of South Ocean Drive — right across from the iconic Diplomat Beach Resort, roughly midway between Miami and Fort Lauderdale.
For buyers and investors tracking where South Florida’s next wave of waterfront value is heading, this project is worth watching closely.
The Project at a Glance
• Location: 3724 South Ocean Drive, Hollywood, FL — on the Intracoastal Waterway, adjacent to the Diplomat Beach Resort
• Developer: Related Group and BH Group, in partnership with Tyko Capital, which provided a $360 million construction loan
• Height: 38 stories, approximately 400 feet
• Residences: 350 units, one- to three-bedroom layouts ranging from 948 to 2,580 square feet
• Architecture & Design: Designed by Cohen Freedman Encinosa & Associates, with interiors by Meyer Davis and landscape architecture by Witkin Hults + Partners
• Pricing: Starting around $825,000
• Completion: Targeted for 2028
• Sales & Marketing: Led by Dezer Platinum Realty
A Dual-Water Address
What sets Icon Beach apart is its position between two waterfronts: the Atlantic Ocean to the east and the Intracoastal Waterway to the west. Residents will have access to a private 32-slip marina and a resident-exclusive beach club — a combination that’s rare even by South Florida’s high standards for waterfront living.
The development will also include:
• A waterfront pool deck with private cabanas
• A full-service spa and wellness center with cold plunge, steam room, and sauna
• A 3,000-square-foot health club
• Indoor-outdoor lounges, an outdoor cinema, and summer kitchens
• Curated artwork from the Jorge M. Pérez Contemporary Art Collection
• 30,000 to 40,000 square feet of total amenity space
Why Hollywood, and Why Now
For years, Hollywood has sat in the shadow of more established addresses like Miami Beach and Fort Lauderdale. That’s changing. The site itself tells part of the story: Related Group and BH Group assembled the nearly 8-acre parcel in 2023 for $51.5 million, buying from the same ownership group that sold the neighboring Diplomat Beach Resort for $835 million that same year.
A $360 million construction loan closing right alongside the groundbreaking is a strong signal of institutional confidence — both in this specific project and in Hollywood as a market. As Nick Pérez, President of Related Group’s Condominium Division, put it: “The city is experiencing a remarkable transformation.”
What This Means If You’re Buying in South Florida
Projects like Icon Beach Waterfront Residences are a useful signal for anyone evaluating where to buy along the South Florida coast:
1. Hollywood is attracting serious developer capital. When a $40+ billion development portfolio like Related Group’s commits to a market, it tends to accelerate demand and pricing in the surrounding area.
2. Pricing still offers relative value. At a starting point around $825K for a waterfront one-bedroom, Icon Beach is positioned below comparable new construction in Miami Beach or Sunny Isles — worth factoring in if you’re comparing new-development options across the region.
3. Pre-construction timing matters. With completion targeted for 2028, early buyers typically have access to better unit selection and pricing tiers before the building tops off.
Interested in Pre-Construction Opportunities in South Florida?
Whether you’re comparing Icon Beach Waterfront Residences to established addresses in South Beach, Brickell, or Sunny Isles, having a clear picture of how new developments stack up against resale inventory is essential to making the right call.
Reach out to discuss current pre-construction opportunities and how this project compares to available inventory in Miami Beach and South of Fifth.
