Tyko Capital just wrote a $360 million check for a 350-unit waterfront tower in Hollywood Beach. Prices start at $825,000, well below comparable Broward projects. Here's why that matters and what the financing signals about the market.
Key Takeaways
- Icon Beach Waterfront Residences is a 38-story, 350-unit condo tower at 3724 South Ocean Drive in Hollywood.
- Tyko Capital provided the $360 million construction loan, adding to its portfolio of major South Florida deals.
- Prices range from $825,000 to $2.8 million, with the groundbreaking ceremony held June 18, 2026, and delivery targeted for 2028.
Related Group and BH Group have secured a $360 million construction loan from Tyko Capital for Icon Beach Waterfront Residences at 3724 South Ocean Drive in Hollywood Beach. The 38-story tower includes 350 units ranging from one to three bedrooms. Related and BH broke ground on June 18, 2026, with delivery targeted for 2028. Sales launched in 2024 with prices ranging from $825,000 to $2.8 million. The project sits directly across from the Diplomat Beach Resort on the Intracoastal Waterway side of South Ocean Drive, on a nearly 8-acre parcel. Related and BH assembled it for $51.5 million in 2023.
What is being built?
The groundbreaking: A groundbreaking ceremony was held on June 18, 2026. "For years, Hollywood existed in the shadow of South Florida's more established coastal destinations. Not anymore," said Nick Pérez, President of Related Group's Condominium Division. "The city is experiencing a remarkable transformation, and what we're building here is a direct reflection of that momentum." Isaac Toledano, Founder of BH Group, added: "What makes Icon Beach special isn't just its location, but how deeply the building is connected to the water around it. That philosophy extends from the residences themselves to the private marina, the exclusive beach club and the resort-style amenities designed around life on the water."
The tower: 38 stories, 350 units ranging from 948 to 2,580 square feet. Cohen Freedman Encinosa & Associates (CFE Architects) designed the building. Meyer Davis handled interiors. Witkin Hults + Partners designed the landscape. Units feature open-concept layouts with floor-to-ceiling glass, oversized sliding doors, and private terraces with Atlantic Ocean and Intracoastal views. Kitchens include custom Italian cabinetry, imported porcelain countertops, large center islands, and Bosch and Thermador appliances. Primary suites have walk-in closets and spa-style bathrooms finished with Kohler and Hansgrohe fixtures.
The views: The tower faces the Intracoastal Waterway to the west with panoramic Atlantic Ocean views to the east. The project includes a private 32-slip marina and full-service beach club.
The amenities: 40,000 square feet total, including a 3,000-square-foot fitness center, indoor-outdoor health club, spa and wellness center, resort pool with sun shelf, cabanas, hot tub, cold plunge, outdoor cinema, yoga garden, summer kitchens, waterfront event space, and a gourmet cafe. Works from the Jorge M. Perez Contemporary Art Collection will be displayed throughout common areas. Additional services include concierge, 24-hour attended lobby, valet parking, and security.
A portion of the land is home to Diplomat Landings, a 52,000-square-foot retail plaza and two-story parking garage that remains on site. The new tower rises immediately to its south. Dezer Platinum Realty (Gil Dezer) is handling sales.
Who is the lender and why does it matter?
Tyko Capital provided the $360 million construction loan. Founded in 2023 by Adi Chugh with backing from Elliott Management, Tyko has become one of South Florida's most active construction lenders.
Their recent South Florida portfolio tells the story:
- $520 million: Oak Row/Oko acquisition in Brickell
- $410 million: Terra's condo development in Coconut Grove
- $424 million: Related's Rivage Residences in Bal Harbour (2024)
This lender operates at the top tier of the market. The size and frequency of Tyko's loans indicate institutional-level confidence in the region's luxury residential market. Ritz-Carlton Residences in Fort Lauderdale also secured major financing as Broward joins the luxury race.
As Larry Mastropieri noted on the Discover South Florida Podcast: "Icon Beach is another example of major developers and major lenders doubling down on South Florida waterfront product. The loan is in place, the location is strong, and the pricing sits below some of the other ultra-luxury projects nearby. That combination makes it worth watching."
Interested in Hollywood Beach waterfront condos? Talk to a Fort Lauderdale area real estate agent who tracks the Broward luxury pipeline. Reach out to The Mastropieri Group or call (954) 833-1468.
How does the pricing compare?
Icon Beach prices range from $825,000 to $2.8 million for units ranging from 948 to 2,580 square feet. That positions it below the ultra-luxury tier but above the entry-level coastal product.
As Larry explained: "I was just in the Ritz-Carlton in Pompano, and the remaining units there were north of $5 million. Those were not even the penthouses. So when you compare that to this project, the pricing here starts to look pretty reasonable."
For context: Ritz-Carlton Residences West Palm Beach (138 units, starting from $3 million) is over 70% pre-sold and under construction. That project secured a $200 million loan from Madison Realty Capital in March 2026.
Andare Residences and other Fort Lauderdale projects are adding to Broward County's condo pipeline. Condo market conditions vary significantly by submarket and price point.
What else is Related and BH building in Hollywood?
Related Group and BH Group have a second Hollywood project approved: a 500-unit condo-hotel at 3451-3690 South Ocean Drive on a $21.5 million parcel they acquired in 2023. Two separate projects on the same street represent a concentrated bet on the Hollywood Beach market.
Coastal Broward County has emerged as a hub of luxury condo development. Developers cite more available and affordable land than in Miami-Dade or Palm Beach. More than 4,000 residential units are planned across Broward County.
Hollywood Beach is positioned between Miami and Fort Lauderdale. Proximity to the Diplomat Beach Resort, Broward County Convention Center, and the Hollywood Broadwalk supports hospitality and tourism demand for the area.
FAQs about Icon Beach Waterfront Residences
How many units will Icon Beach Hollywood have?
Icon Beach includes 350 units across 38 stories at 3724 South Ocean Drive in Hollywood. Units range from 1 to 3 bedrooms and are between 948 and 2,580 square feet.
What do condos at Icon Beach cost?
Prices range from $825,000 to $2.8 million based on the 2024 sales launch. The project includes 40,000 square feet of amenities, a private 32-slip marina, and a full-service beach club.
Who is developing Icon Beach Hollywood?
Related Group (Jorge Perez) and BH Group (Isaac and Liat Toledano) are the developers. Cohen Freedman Encinosa & Associates designed the building. Meyer Davis handled interiors. Dezer Platinum Realty is handling sales.
When will Icon Beach be completed?
Related and BH broke ground on June 18, 2026, with delivery targeted for 2028. Tyko Capital provided the $360 million construction loan. The project sits on a nearly 8-acre parcel assembled for $51.5 million in 2023.
Where is Icon Beach located in Hollywood?
Icon Beach is at 3724 South Ocean Drive in Hollywood Beach, directly across from the Diplomat Beach Resort on the Intracoastal Waterway side of South Ocean Drive. The tower faces the Intracoastal to the west with Atlantic Ocean views to the east.
Local help for buyers in Hollywood and Broward County
If you are buying, selling, or investing in Hollywood Beach, Fort Lauderdale, or anywhere in Broward County, understanding the waterfront condo pipeline matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across the region, call (954) 833-1468.
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