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Real Estate

Big Things Miami Real Estate News!

Cashflow In Miami
July 4, 2022

Big Things Miami Real Estate News!

Bonaventure Resort and Spa poised for a condo development!

The Chetrit Group has updated its redevelopment plan for the Bonaventure Resort & Spa in  Weston, this time with 591 condos proposed.The new plan by Hospitality Investing Group, an affiliate of New York-based Chetrit Group.Plan  calls for demolishing the 504-room hotel from 1982 and building 591 condos and 240 rooms in a new hotel.

The 101,569 square feet of convention, spa and dining space at the Bonaventure would be renovated. It would serve as an amenity to both the condo owners and the guests in the new hotel.

Hospitality Investing Group acquired the bulk of the Bonavanture Resort & Spa for $67.5 million in 2012 and has purchased the remaining individual units one by one over the years.

Previously, the Chetrit Group sold the Bonaventure’s golf course to Miami-based Terra Group for $30 million. The Botaniko single-family home community is now under construction there.

Two Trailer Park sale for $50 million in Miami!

3200 SW 8th st , Little Havana

6020 S.W. Eighth St, West Miami

The 9-acre Silver Court at 3200 S.W. Eighth St. was sold by Silver Court Trailer Park as part of the two trailer park sale for combined $50 million.Synnyside/West Haven, located on 7.9 acres at 6020 S.W. Eighth St., was sold by Sunnyside Motel & Trailer Park, managed the same individuals.

The family owned these properties for almost 70 years.

Global Investments Realty's Suarez said the buyer intends to operate the properties as mobile home parks and not redevelop them right now.

1900 S.W. Eighth St, Little Havana

The Intown Apartments in Miami’s Little Havana sold for $104.87 million as part of a portfolio deal.

GS Intown LLC, managed by executives at Charleston, South Carolina-based multifamily firm Greystar, sold the 320 apartments at 1900 S.W. Eighth St. to GSIC II Intown LLC, in care of Ivanhoe Cambridge in Montreal. The price equated to $327,719 per unit.

The building last traded for $88.86 million in 2016, so it gained in value. It was completed earlier that year on the 2.64-acre site.

Intown Apartments totals 525,786 square feet in 14 stories. Amenities include a pool deck, a club room, a business center, grilling stations, and a fitness center. There’s also retail space on the ground floor.

Senor Frogs gets sold!

Miami Beach investor Yossi Lipkin acquired the Art Deco property in South Beach previously home to Jerry’s Famous Deli and Señor Frog’s.

A trust led by nightclub owner Zori Hayon sold the three-story, 12,868-square-feet building at 1450 Collins Avenue to Yossi’s EDY for $10 million.

Jerry’s Famous Deli opened in the early 2000s on the site and closed in 2014. Señor Frog’s later took over the space, and closed in early 2020.

220 Alhambra circle, Coral Gables

$135 million sale leaseback!!

Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”)  announced that its subsidiary, 220 Alhambra Properties LLC (“220 Alhambra”), completed the sale of its Coral Gables, FL, headquarters to FNLI Audax LLC in an all-cash transaction at the previously disclosed price of $135 million.

The property located at 220 Alhambra Circle, Coral Gables, Florida 33134, includes approximately 177,000 square feet in office space, 134,000 square feet in parking space, and serves as the corporate headquarters for Amerant Bancorp Inc. As of September 30, 2021, the net carrying value of the property was $71.3 million. In the fourth quarter of 2021, the Company expects to record a pre-tax gain of approximately $62.4 million, net of approximately $2.6 million of transaction costs, and the resulting gain on the sale to be taxable at the applicable all-in tax rate. The Company expects tangible book value per common share to increase by approximately $1.22 per common share, as a result of this event.

As part of this transaction, 220 Alhambra has entered into an 18-year triple net leaseback agreement at an approximate rate of $43 per square foot during the first year. The Company expects to record a right-of-use asset and lease liability of $91.4 million, in connection with this lease, as of December 31, 2021.

Aby Rosen on the buying spree!!

100 Biscayne and 146 Biscayne blvd, Downtown Miami

The New York City-based firm bought a 17-story hotel along one of Miami’s busiest roads for $25.8 million.

Originally built in the 1920s, Yve Hotel Miami is one of the oldest standing hotels in Miami, though it is not landmarked and its facade has been redone. The 241-room property at 146 Biscayne Boulevard sits next door to 100 Biscayne, a 30-story office building that RFR bought for $81 million last year.

The seller, Host Hotels & Resorts, paid $57.5 million for the 129,574-square-foot hotel in 2015, marking a nearly $32 million loss, per records. The reason for the discount is unclear.


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