A joint venture led by Richard Waserstein’s Waterstone Capital, along with Uri Bubil and Roni Avraham, announced on April 14 plans to redevelop the Pillars Hotel & Club in Fort Lauderdale into a 15-story condominium building.
The proposal for the new Pillars Club & Residences was discussed at a recent Development Review Committee meeting. According to a representative for the developers, the project would be located at 109 and 111 North Birch Road and would include a total of 43 condominium units. The development would replace the existing hotel, which currently has 18 rooms and seven condo units.
Waterstone Capital is based in Bay Harbor Islands and led by Waserstein. Bubil heads Mazalub Real Estate in Miami, while Avraham leads SR Holdings Group. Records indicate that Michael Landry’s Landry Trebbi Investment Corporation transferred ownership of one of the sites to the developers’ entity earlier this year. The other site remains owned by Georgia Bedford and Jan Behnke from Michigan.
Architect Kobi Karp has been selected to design the new building, which will feature two penthouse units on its top floor as well as amenities such as a pool, spa, and fitness centers. The developers have received technical feedback from city officials; after addressing these comments and obtaining approval from city commissioners, they plan to move forward with construction.
Fort Lauderdale has seen increased interest from condo developers who view it as more affordable than cities like Miami or West Palm Beach. Currently there are over 3,900 condo units planned or under development across Fort Lauderdale and nearby Pompano Beach. Recent projects include Diana Ulis’s Ritz-Carlton Residences sales launch last month for an upcoming two-building complex with 83 units, as well as Miki Naftali’s Viceroy Residences-Fort Lauderdale project announced in early 2024.
