Biggest sale of 2019 so far!!!! $610 million for the LeFraks baby-1 Hotel South Beach!
2341 Collins Ave , Miami Beach
Wow, we are starting 2019 with a bang!! First -the recent $50 million single-family property closing on Indian Creek ( blog will follow) which set the record for Miami-Dade, now this sale to Host Hotels!! Got to love Miami!!
This marked a definite record in the hotel sales for South Florida-$1,42 per key for 429 unit oceanfront former Gansevoort Hotel in the Roney Palace!
The property was previously under contract to billionaire Michael Dell’s MSD Capital for about $500 million, or more than $1 million per key, the Commercial Observer reported in September, but that deal fell through.Host Hotels, one of the largest lodging real estate investment trusts, owns 88 properties in the U.S. and five abroad totalling about 52,000 rooms. Billionaire Richard Marriott and his brother Bill Marriott spun the company off from Marriott International in 1993.In South Florida, Host Hotels owns the Fort Lauderdale Marriott Harbor Beach Resort & Spa, the Miami Marriott Biscayne Bay, and YVE Hotel Miami, according to its website.Sternlicht redeveloped the former Gansevoort Hotel property, built in the 1970s, into 1 Hotel & Homes with joint venture partner LeFrak. The hotel, which opened in 2015, features three restaurants, four pool decks, 57 cabanas and daybeds, a 14,000-square-foot gym and a 5,500-square-foot Bamford Haybarn Spa. The development also includes 155 luxury condominiums which were not of the Host Hotels purchase.Property records show affiliates of Starwood, LeFrak and Invesco acquired the property in 2012.Per room, the 1 Hotel South Beach sale beats the previous record of $1.24 million a key for the Raleigh Hotel in Miami Beach, which sold in February to a partnership led by New York developer Michael Shvo for $103 million ( which we are going to have a separate blog on as well)!!Well, with $610 million it will be pretty hard to beat, but we are just getting into March and have the whole year ahead of us!!
Dixie hwy between 16th avenue north and 17th avenue north, Lake WorthOne developer , two rental brand new projects , one -Lake Worth.Affiliated is in the midst of the construction of the 230 units , called MID.Read more
Fisher Island developer Heinrich Von Hanau just got approved zoning changes to allow for a 57-unit, 10-story condominium building at 6 Fisher Island Drive and 12 single-family homes at 68 Fisher Island Drive. The new projects would bring the total number of residences on the island to 871 . Fisher Island is allowed a maximum of 1,400 residential units.Read more
The 2323 Apartments project will be eight stories and include smaller micro unit apartments. The project will have commercial and office uses on the ground floor, and 116 residences.Parking for up to 129 vehicles will be on the second and third floors.Indoor and outdoor amenities are planned, including a swimming pool above the parking levels.This project plans 47 micro apartments ranging from 385 to 388 square feet. Architect Ivo Fernandez of Modis ArchitectsRead more
The developers said they are considering building live-work units in Allapattah, and plan to have co-working space in the lobby. The existing building is currently leased to retail tenants. GlobalPro Ventures acquired the property in October for $1.9 million, records show.The site is zoned T6-8, which means that they can build up to eight stories high with about 70 to 80 units.Read more
Member only unique 2000 paid residents in gated island golf and marina community. Super safe and secured location with its own landing field , 11+ restaurants ( 24/7 service) , school ( from preK to 8th grade), 36 holes golf, 175 slip marina, art league with different classes , medical center, spa and gym, wiht everything for your pet!Read more
78 Southwest Seventh Street and 98 Southeast Seventh Street , Miami The combined $163 million purchase breaks down to $80.3 million for Two Brickell City Centre and $82.7 million for Three Brickell City Centre. Each building has about 130,000 square feet, which means they sold for roughly $630 per square foot.Read more