The transaction, to Maltese Diplomat Owner, LLC for approximately $44.5 million, was closed on May 29. Concord Wilshire’s Diplomate Golf Course Venture, LLC affiliate will remain an equity partner in the new ownership group, which is led by South Florida developer Ari Pearl. The new ownership said it still pursue the major resort expansion that Concord Wilshire received approval for in 2016.
The Hallandale Beach, Fla., club plans to develop 250 condo units and 938 condo-hotel units in a cluster of four buildings ranging from 20 to 30 stories each, and is seeking permission to exceed the current 10-story height limit. The project also would include renovations of an existing restaurant and a 60-room hotel on the 127-acre property.