237 NE 32 ST and 229 NE 32 ST, Edgewater
Urbanica will be building a hotel in Edgewater!!
Lots were purchased a few years ago for amazing prices. The closing price was $1.57M and $1.7M respectively.
The 220-key hotel is expected to feature a rooftop pool and gym, a game room, a 4000-square-foot Japanese restaurant, 5,000 square feet of ground-level retail, meeting spaces, and two floors of parking with 150 spaces.
Urbanica now owns four lots for less than $10M in the same area, as they are planning to develop a full-service hotel featuring 12 stories.
The project is estimated to break ground in the second quarter of 2021, and the grand opening is planned to occur by the end of 2022. Urbanica started as a development company that grew its operations into real estate investment management, vertically integrating its company structure. Last summer, they also bought a site for $38M in Miami Beach oceanfront from investors from China, we have written about it. Urbanica currently owns multiple properties in Buenos Aires and the Miami area, including Urbanica The Meridian Hotel, Urbanica Euclid Hotel and Urbanica 5th, all of them located in Miami Beach.