Construction to Start This Summer on 25-Story Hollywood Circle Mixed-Use Project
HOLLYWOOD, Fla. — Downtown Hollywood’s Young Circle soon will have a new addition to its skyline. Gold Coast Florida Regional Center (GCFRC), a federally licensed and approved foreign equity investment fund, announced the demolition of the sole remaining structure on its Young Circle site to make way for the 25-story Hollywood Circle mixed-use project.
To make way for Hollywood Circle, GCFRC will demolish the on-site, 12-story Town House Apartment tower at approximately 10 a.m. Saturday, Aug. 2. The now-vacant tower is located on the northeast quadrant of Young Circle, near the corner of Polk Street and Federal Highway. Demolition has already been completed on seven other structures, including a former Papa John’s location.
In their place, GCFRC will build Hollywood Circle, a fully entitled and approved development, which will include The Circ Hotel, an upscale boutique hotel by Trust Hospitality; 397 residential apartments; a restaurant; a 46,000 square-foot grocery store; and 15,000 square feet of additional retail space. Hollywood Circle is expected to be completed in 2016.
According to Charles “Chip” Abele, project developer and a GCFRC founding partner, the $160 million Hollywood Circle has $100 million in commitments through the United States Citizenship and Immigration Services (USCIS) EB-5 visa program. The $60 million balance of the nearly all-cash capital is being supplied by Abele and his partners.
Gold Coast Florida Regional Center also is moving forward with plans for a mixed-use development, Young Circle Commons, at Block 40 — the site of the former Great Southern Hotel in Downtown Hollywood. Demolition of that existing structure will also begin this summer.
“Hollywood Circle and Young Circle Commons will attract a diverse group of residents and visitors to the city,” Abele said. “We believe they will play a key role in the continued revitalization of Downtown Hollywood.”
An employment-based program, regional centers promote economic growth through the creation of jobs, improved productivity, increased export sales and added domestic capital investment. They focus on a designated and approved geographic area, project, business or investment category — in this case, select real estate in Miami-Dade, Broward and Palm Beach counties — and encourage investments in the United States from abroad. Qualified foreign nationals who invest in the American economy are given the opportunity to obtain Green Cards and permanent residency in the U.S. for them and their immediate family.
The Hollywood Circle project is located in a Targeted Employment Area (TEA) where unemployment is at least 150% of the national average. Participants invest $500,000 each with GCFRC, which will create a minimum of 10 jobs at Hollywood Circle on their behalf. The required capital investment for projects outside TEAs typically is $1 million.
Gold Coast Florida Regional Center’s offices are located in the City of Hollywood at 290 N. Federal Hwy, across the street from the Hollywood Circle project. Additional offices are located in Coral Gables; Durban, South Africa; Shanghai, China; and Hong Kong.
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