550 Washington avenue, South Beach
Paris Theater South Beach sold for $13 million!
Miami-based Massa Investment Group, led by Mathieu Massa, bought the 25,589-square-foot building for $508 per foot.
The building sold at a sharp discount from its $23 million listing price in 2015. The Art Deco-style building was built in 1945. Under different owners, the property had been used as an adult movie house, a nightclub, and a photography and film studio .
Theater had a capacity to hold 1,200 patrons, and could be used for any type of event, including theatrical productions, launch parties and dances.
Massa Investment Group secured a $15.2 million loan from IberiaBank to acquire the property, records show.
Big Time Productions paid $975,000 for the building in 1992, records show.
Latest Posts
Miramar Related
Miami-based Related hired Stantec to handle architectural and engineering for the eight-story, 393-unit project. Manor Miramar, at 1 Main Street, will include 28,000 square feet of ground-floor retail space and a 650-space parking garage.
Read moreNorth Beach Town Center Gateway Approved!
A proposed 13-story mixed-use development on a triangular parcel at the intersection of Indian Creek Drive and 71st Street was approved by the Miami Beach Design Review Board after design refinements suggested by the Board at two previous meetings.
Read moreStarting 2021 With a Bang!
Two major sales have occurred in January, 2021 , giving this year one brisk jump start!! First major office tower will be the purchase by The Related Company Phillips Point office towers in West Palm Beach for $282 million.
Read moreAston Martin Residences Rising!
Super Yacht Marina facilities, 24-Hour valet and self-parking option. Charging stations for electric cars, Bicycle and private storage spaces. Digital connection to concierge and all building amenities from every residence. Pet-Friendly.
Read moreOceanfront News
In the largest sale, a company called Dome Realty dropped $35 million for 11.3 acres at 1174-1185 Hillsboro Mile, which is zoned for multifamily and could house up to 168 units, the Business Journal reported.
Read more$125 Million Dormitory Rising!
5801 S Dixie Hwy, South Miami, FL 33143, USA. The project is a four minute walk from the South Miami Metrorail Station. It will include an eight story building. The student housing development will have a total of 99 units with 326 beds. Each unit will be equipped with a private living room and kitchen.
Read more