Hollywood commissioners voted unanimously on Wednesday for the construction of a $240 million luxury tower that will put the Hollywood Beach skyline on the map.
The tower, which is planned to be called Hyde Beach Resort, will be a massive 40-story condo with 367 condo and condo-hotel style units where guests can stay at for up to 150 days at a time.
Hyde Beach Resort will be built on the 1.6 acres by the water tower on Hollywood beach at the intersection of Hallandale Beach and A1A.
"It's the gateway to Hollywood," an attorney for The Related Group of Miami said via the Sun-Sentinel. "People coming from Golden Beach or Sunny Isles or from over the [Hallandale Beach Boulevard] bridge, this is the first building they will see."
The Related Group says that construction on the tower, which will feature ocean view units, a health spa with stream, and sauna rooms, will begin this August with plans to finish in 2016.
Prices will range from $1 million to $1.6 million, with the hotel-condo units going from anywhere between $400,000 to $1.1 million.
According to The Related Group, Hollywood is expected to get an estimated $1.6 out of the $5 million in estimated property taxes.
In addition to the tower, a 31-story hotel-condo called Beachwalk is also expected to be built on Hallandale Beach overlooking the Intracoastal Waterway with prices ranging from $399,900 to $699,900, according to the Sentinel.