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Russell Galbut is planning a 65 key hotel!

Cashflow In Miami
March 13, 2023

Russell Galbut is planning a 65 key hotel!

An affiliate managed by executives of Miami-based GFO paid $5.7 million for the two-story, 12-unit apartment complex at 1030 and 1050 Sixth Street, records show. The city of Miami Beach last year approved plans to redevelop the property into a 65-room hotel with a rooftop pool and restaurant,

A rendering shows the hotel would be built behind three existing historic buildings completed in 1938.

In 1988, Jose Fernandez paid $185,000 for the apartment complex,

In February of last year, the Miami Beach Historic Preservation Board approved Fernandez’s plan for a six-story hotel on the site, as well as a 70 percent demolition of one of the buildings that will connect with the new structure. Fernandez intended to name the hotel, The Hohauser, in honor of Henry Hohauser, the late architect who designed the historic buildings.

Groundbreaking is scheduled for the first quarter of 2023, with completion about one year later

GFO teamed up with Terra, the Coconut Grove-based development firm led by President David Martin, on Five Park Miami Beach, a 48-story condo tower currently under construction at 500 Alton Road, right next door to the future hotel site.

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