Tate Capital, Rok Enterprises Inc. and Related Group (Related) have finalized a joint venture agreement to co-develop the new master site plan for the much-awaited Bahia Mar mixed-use complex in Fort Lauderdale.
As part of the joint venture, the parties will work in lockstep with the internationally acclaimed architecture firm Arquitectonica to reimagine the project to directly address the needs and wants of the Fort Lauderdale community. This includes specific accommodations for the long-term hosting of the Fort Lauderdale International Boat Show (FLIBS).
“This is a legacy project, not only for us and our partners, but for all of South Florida. As such, we are incredibly proud to add a company as trusted and experienced as Related to our team,” said Jimmy Tate, President of Tate Capital. “We look forward to working with Jorge, Jon Paul and the rest of Related to make the new Bahia Mar a landmark the entire Fort Lauderdale community can be proud of.”
The project, which has continuously been championed by Jimmy and Kenny Tate and long-time partner Sergio Rok of Rok Enterprises, looks to transform an underutilized and often closed off portion of the Fort Lauderdale waterfront into a thriving, year-round destination. Related, known for creating economically diverse and culturally rich communities, is set to deploy its full suite of development capabilities to bring the goal to fruition.
“This partnership is the result of a shared vision,” said Jon Paul Perez, President of Related. “Bahia Mar will be transformative, not only bringing considerable revenue to the City of Fort Lauderdale, but also providing its residents with a much-needed live-work-play experience. We’ve been active in this particular submarket for many years and are excited to leverage that experience to help this property reach its full potential.”
The reimagined Bahia Mar will include a diverse range of uses and guest experiences, ranging from high-end branded residential and hospitality units to ample commercial and waterfront entertainment space. The project will be anchored by a luxurious 256-key, branded hotel and resort, which will also include 60 turnkey condos. The property will also feature an additional 350 residential units spread across four towers. To ensure a consistent five-star experience for guests and residents, the yet-to-be-selected luxury hotel brand will manage all on-site residences and hotel units.
As the long-time home of FLIBS, the world’s largest boat show, the project will feature a world-class mega yacht marina with 245 slips. The property will also boast roughly 87,000 square feet of Class A commercial space, including waterfront offices and restaurants, a Dockmaster building and offices, Captain’s Quarters, retail outlets and more.
To augment guest and exhibitor experience during the FLIBS, the reconceptualized site plan will include approximately 7.32 acres of contiguous waterfront boat show space. This area will house over 160,000 square feet of climate-controlled areas, 41,000 square feet of tent space, and several additional acres of open space to house the Boat Show’s food court and other food and beverage and retail kiosks.
Additional public amenities include:
- A half-mile pedestrian boardwalk around the entire waterfront side of the property
- Several acres of waterfront greenspace
- Open access to the Marina Village, a 35,000-square-foot waterfront promenade with eight high-quality food beverage kiosks
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