2323 Polk

Description

Exceptional development opportunity at 2323 Polk Street, Hollywood, FL. Approved plans for a 4-story, 27-unit multifamily project located within the Regional Activity Center (DH-2 zoning), recently approved by the City of Hollywood Planning and Development Board. The project is thoughtfully designed for efficiency, featuring mostly 2BR/2BA units and 56 total parking spaces, including standard, ADA, tandem, and mechanical lifts—an uncommon advantage in the submarket. The area is predominantly rental-focused, creating a rare opportunity for a condo-oriented or ownership-ready product. Ideal for developers or builders seeking a near shovel-ready project while avoiding the time and cost of entitlements. Offering Memorandum available; plans and additional documentation upon request. 2323 Polk Street presents a compelling development opportunity for investors, developers, and builders seeking a multifamily project in a strategically positioned Hollywood submarket. The property is located within the Regional Activity Center (DH-2 zoning) and is approved for a 4-story, 27-unit multifamily building. The project has recently received approval from the City of Hollywood Planning and Development Board, representing a major milestone in the development process and significantly reducing entitlement risk.The project has been deliberately designed with a profit-driven, efficiency-focused approach. Unlike many nearby developments that emphasize extensive common areas, luxury amenities, and smaller unit layouts, this building prioritizes functionality, livability, and market demand. The unit mix is predominantly 2-bedroom, 2-bathroom residences, a sharp contrast to surrounding projects that largely offer 1-bedroom units. This configuration appeals strongly to end users, families, roommates, and long-term tenants, supporting higher absorption and retention.A major competitive advantage of the project is its parking ratio. The development provides 56 total parking spaces, allowing for approximately two parking spaces per unit, including standard, ADA, tandem, and mechanical lift spaces. This exceeds the typical parking ratios in the area, where many projects average approximately 1.5 spaces per unit, and significantly enhances marketability, especially for ownership-oriented or condo-ready strategies.The surrounding area has seen a concentration of rental-focused developments, creating a scarcity of new ownership-style multifamily product. This positions 2323 Polk as a unique opportunity for a buyer to deliver either a boutique condo project or a high-quality rental community with a differentiated unit mix and parking offering. The design flexibility allows a future owner to adapt the exit strategy based on market conditions, investor appetite, or financing structure.Substantial upfront work has already been completed, including architectural design, civil engineering, fire flow calculations, and Technical Advisory Committee (TAC) review with the City of Hollywood. This significantly shortens the development timeline and allows a buyer to avoid the time, uncertainty, and carrying costs typically associated with early-stage projects.The site is surrounded by established residential uses and benefits from proximity to Downtown Hollywood, major transportation corridors, employment centers, and regional amenities. The broader market is projected to experience sustained population and economic growth through 2029, supporting long-term demand for well-located multifamily housing.2323 Polk Street is ideally suited for a developer or investor seeking a smartly designed, cost-efficient project with strong fundamentals, reduced execution risk, and multiple viable exit strategies. Offering Memorandum available. Architectural plans, civil drawings, and supporting documentation are available upon request.