Concord Wilshire Closes Transaction with Pulte Group to Allow Homebuilder to Acquire Hillcrest Country Club for $25 Million

Developer successfully obtained approvals for a 645-home planned development

FORT LAUDERDALE, Fla.--()--Hillcrest IG, LLC, a Concord Wilshire-sponsored company, has successfully entitled and assigned all of its rights to Pulte Group to acquire the Hillcrest Golf and Country Club for a total of $25 million. Pulte Group is a national multi-brand homebuilding company. The transaction paves the way for the revitalization of the Hillcrest Community through a new residential development.

Concord Wilshire originally placed the property under contract from United Association, Plumbers and Pipefitters Union in January 2014. Concord Wilshire has spent the last two-and-a-half years working with the Hillcrest Community, its numerous Homeowners Associations, the City of Hollywood, Broward County and Pulte to obtain approvals to develop a 645-home private community, to include a 60-acre park and amenities to be utilized by the existing 3,000 condominium residences surrounding the Hillcrest Golf Course. The City of Hollywood approved the development on May 18.

“The success of the Hillcrest Community Development demonstrates Concord Wilshire’s continued dedication to working with and accommodating the needs of local municipalities and communities in creating unique developments that benefit not only the residents, but the local economies and cities as whole,” said Concord Wilshire Chief Operating Officer and Senior Vice President Nate Sirang. “We consider the municipalities and communities our partners in every one of the projects we endeavor to pursue, and our partners always come first.”

This is not the first transaction that Concord Wilshire entered into with the Union. In August 2014, Concord Wilshire closed on the Diplomat Golf Resort & Spa, previously a Starwood Luxury Collection Resort & Spa. Earlier this year, Concord Wilshire received approvals from the City of Hallandale for its $450 million planned community and resort development consisting of four high-rise towers totaling 1188 units of residential condominiums and hotel units, situated around a redesigned Greg Norman Golf Course. The Hillcrest development is within four miles of this planned resort.

After Concord Wilshire placed Hillcrest under contract in 2014, the HOAs and residents of Hillcrest were engaged at the outset to bring forth their vision and needs for their community’s future. By successfully obtaining the approvals for the new development on May 18, Concord Wilshire has made that vision a reality.

“It was a collaborative effort between Concord Wilshire and our community, where Concord Wilshire held our hand from start to finish and executed on their promises,” said Mark Roth, a resident of The Hillcrest Community and head of the Legal Committee formed by the HOAs to represent the community.

“We’re very grateful that everyone in the community worked with the developer and vice versa,” said Mayor Peter Bober during the final approval hearing on May 18.

“I want to congratulate both the people at Hillcrest and the developers. When you can have neighbors be good to neighbors and bring everyone together, that is what you call good collaboration, communication, and cooperation, and I wish I could see a lot more of that…it’s going to be a great project when it’s done,” said Commissioner Patricia Asseff during the final approval hearing on May 18.

“Concord Wilshire appreciates the opportunity to work with the City of Hollywood and its Administration to support their efforts in revitalizing and improving their neighborhoods. We look forward to continuing to grow our relationship with the city and its residents,” said Mike Meyers, President of Concord Wilshire.

The Hillcrest Country Club is situated right in the heart of Hollywood, Fla. It was originally built in the early 1960s and was one of the first golf course condominium developments in Broward County.

“With golf popularity declining over the past decade, and local demand for single-family homes still climbing, the new Hillcrest Development is an ideal development model for conversion of a golf course to a planned development with a vast amount of green space and recreational park secured for the entire community to enjoy, which should set an example for other developers in the State of Florida,” said land-use attorney William Riley of the Miami law firm Gray Robinson. Riley spearheaded the entire approval process.

Pulte Group acquired the Hillcrest Golf and Country Club from United Association, Plumbers and Pipefitters Union on June 22 and will be the developer of the approved Hillcrest Development.

About Concord Wilshire: Concord Wilshire is a nationally recognized leader in residential, resort, and mixed-use real estate development and construction with over $10 Billion in total value of developed and acquired assets. Since 1992, Concord Wilshire has been developing, constructing, and investing in distinguished real estate assets in major markets throughout the United States, including Las Vegas, Phoenix, Washington D.C., and South and Central Florida. An award winning company, Concord Wilshire has received an array of accolades for many of its developments throughout the nation, in recognition of its commitment to development, marketing, architectural design, and interior design. Concord Wilshire has a successful and extensive track record that spans multiple investment cycles. For more information about Concord Wilshire, visit the company's web site, www.concordwilshire.com

Contacts

BoardroomPR
Todd Templin, 954-370-8999
ttemplin@boardroompr.com

Release Summary

Concord Wilshire Closes Transaction with Pulte Group to Allow Homebuilder to Acquire Hillcrest Country Club for $25 Million

Contacts

BoardroomPR
Todd Templin, 954-370-8999
ttemplin@boardroompr.com