The Regency Health Resort & Spa, closed for the better part of the last two years, is undergoing a transformation. New owner, 2000 Ocean Drive LLC, a partnership between KAR Properties and an equity investor, has already received land use approval for a 38-story luxury condo project, with 64 units and 165 parking spaces. Joe Hernandez and Michael Popok worked closely with the buyer to negotiate and structure the transaction and to move forward in a complex deal that included litigation with neighboring buildings and the seller as well as an array of other issues.
The transaction is already making news as Real Estate Reporter Brian Bandell from South Florida Business Journal wrote about it after the deal closed.
Like any large purchase, there were a number of moving parts and the lawyers worked through several complex issues to help the client successfully complete the deal. Shahab Karmely, founder and CEO of KAR Properties expects to break ground in the fall of 2015.
