Haute 100 Update: Related Group To Purchase Foreclosed Property
Related Group may be best known for adding to Miami’s skyline, but it is poised to make its mark in Hollywood, too. PRH 4000 South Ocean, an affiliate of Related Group and Related Cos., recently purchased a $15.5 million foreclosure judgment from PNC Bank, who led the foreclosure against MCZ/Centrum.
The foreclosure action scheduled for last year was postponed. To acquire the site, Related needs to win the auction using its credit bid.
The 2.4 acre property was initially intended for condo development, though it is currently being used as a hotel parking lot. Once Related Group Chairman and CEO Jorge Perez and Related Cos. founder Stephen Ross get their hands on this waterfront plot, it will not only be used appropriately, but it will surpass everyone’s expectations and bring a new level of luxury to Hollywood.
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