A joint venture led by Richard Waserstein’s Waterstone Capital, along with Uri Bubil and Roni Avraham, announced on Apr. 14 plans to redevelop the Pillars Hotel & Club in Fort Lauderdale into a 15-story condominium building.
The project, called Pillars Club & Residences, was presented at the city’s Development Review Committee meeting. According to a representative for the developers, the proposal would replace the existing hotel and club—currently offering 18 hotel rooms and seven condominium units—with a new tower containing 43 residential units. The development is planned for two sites at 109 and 111 North Birch Road.
Waterstone Capital is based in Bay Harbor Islands under Waserstein’s leadership. Bubil leads Mazalub Real Estate in Miami, while Avraham heads SR Holdings Group. Records show that Michael Landry’s Landry Trebbi Investment Corporation transferred ownership of one site to the developers’ entity earlier this year. The adjacent property remains owned by Georgia Bedford and Jan Behnke of Michigan.
Architect Kobi Karp has been selected to design the proposed building, which will feature amenities such as two penthouse units on its top floor, a pool, spa facilities, and fitness centers. The developers have received technical feedback from city officials; once these comments are addressed and approved, they plan to seek final approval from the city commission.
Fort Lauderdale has seen increasing interest from condominium developers who view it as a more affordable alternative compared to Miami or West Palm Beach. Currently there are over 3,900 condo units either planned or under construction across Fort Lauderdale and neighboring Pompano Beach. Recent projects include Diana Ulis and MICL’s Ritz-Carlton Residences—an upcoming two-building complex—and Miki Naftali’s Viceroy Residences-Fort Lauderdale.
