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Hotel Coming To South Beach: Keyah Buys Washington Ave Site For $20M

cloud one hotel rendering-1509 and 1515 Washington Avenue_Photo Credit-Florida Yimby 1170x435

Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue.

An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show.

The seller, an entity managed by Miami Beach-based real estate investor Jimmy Resnick, paid $550,000 for the retail building in 1987, and $4.6 million for the apartment building in 2006, records show.

Resnick provided Keyah with $15 million in seller financing.

In April, the Miami Beach Planning Board approved Keyah’s project, which entails 238 rooms, a 5,677-square-foot restaurant on the ground-floor, a pool deck on the second floor and a rooftop 3,525-square-foot restaurant, city records show. Designed by Coconut Grove-based Arquitectonica, the hotel would span 91,230 square feet.

Keyah is negotiating a possible branding deal with Cloud One Hotel, a European hospitality company that has a hotel in New York City, plans submitted with the city of Miami Beach show.

Last year, Resnick had a pending deal to sell the properties to Urbin, a subsidiary of Location Ventures, the Coral Gables-based development firm that went belly up following a string of lawsuits from lenders, investors and vendors alleging defaulted loans, unrealized profit returns and nonpayment of services. At the time, then-Urbin and Location Ventures CEO Rishi Kapoor had planned to convert the retail and apartment buildings into a co-living condo project, but the deal fizzled.

 

Source:  The Real Deal

 

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94-Year-Old South Beach Hotel Targeted In Foreclosure

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A 94-year-old boutique hotel in Miami Beach may be taken over in a $3.17 million foreclosure action.

On April 30, Stormfield Capital Funding I LLC filed a foreclosure action against Mark McClure, the loan guarantor, and Oasis Hospitality Partners LLC. It is aimed at the 11-room, 4,689-square-foot motel located at 1018 Jefferson Ave. The parties to the lawsuit were confirmed by property data company Vizzda.

Developed on a 7,000-square-foot site, the boutique hotel was built in 1930 and is known as the SoBeYou Historic B & B Hotel.

 

Source:  SFBJ

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Blue Suede Buys Former Kayak Hotel In Miami Beach

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Just a month after gaining control of the former Kayak Hotel in Miami Beach, loan service provider Trimont Real Estate Advisors sold the Art Deco property to Blue Suede Hospitality Group.

The New York-based investor paid $12.8 million for the 51-room building at 2216 Park Avenue. The two-story structure was completed in 1934 and expanded in 2014.

 

Source:  Commercial Observer

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Three Wynwood Buildings Assemblage Changes Hands

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Crunch Fitness founder Doug Levine sold a trio of commercial buildings in Miami’s Wynwood for $23.5 million, roughly $6 million below his asking price.

Wynwood 126 acquired the 0.7-acre portfolio that can be redeveloped into a mixed-use project with a hotel or multifamily component.

Levine paid a combined $5.9 million for the assemblage between 2013 and 2014, records show. The three buildings at 2320-2328 North Miami Avenue and 36-38 Northwest 24th Street were completed in 1928 and 1950.

 

Source:  The Real Deal

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Terra’s David Martin Buys Stake In Deauville Miami Beach Site, Plans Reconstruction

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Developer David Martin acquired a minority stake in the site of the former Deauville Beach Resort, a property that billionaire developer Stephen Ross had under contract two years ago.

Deauville Associates, led by the Meruelo family, sold a 25 percent interest in the 3.8-acre oceanfront property at 6701 Collins Avenue in Miami Beach for $12.5 million. TMG 67 Communities LLC, a company tied to Martin’s Coconut Grove-based Terra, purchased the stake, records show.

A spokesperson for Terra said the firm is “leading plans to bring an iconic development” to the site and suggested that Terra plans to reconstruct the former resort. The company declined to share additional details about its plans.

Terra also did not respond to a request for comment on whether the $12.5 million represents the full amount of its investment in the deal.

The Deauville, a historic hotel built in 1957, designed by Melvin Grossman, was demolished in 2022 after the Meruelos submitted a structural report to the city that determined it was an unsafe structure. The Meruelo family, led by Belinda Mereuelo, was criticized for not maintaining the building. It had been shuttered since 2017.

 

Source:  The Real Deal

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7-Story Hotel Proposed In Miami Beach

Rendering of Cloud One Hotel in Miami Beach_Image Credit Arquitectonica 1170x435

On April 25, the Miami Beach’s Planning Board will take a look at the application for the 0.63-acre property located at 1509 and 1515 Washington Ave.

Currently, it consists of a thirteen-unit apartment complex constructed in 1948 and an 11,458-square-foot retail structure added in 1959. Playa Café, Charlotte Bakery, Cheese Burger Baby, and 123 Liquor are some of the recent tenants.

Current property owner Washington Gardens MB LLC has agreed to sell the development site to 1515 Washington Acquisition LLC, co-owned by Xaver Kriechbaum and Gavin Crescenzo of Aventura-based Keyah Real Estate Group, according to the application.

Under the proposal, the property would be developed with a 91,230-square-foot hotel featuring 238 rooms, a 5,677-square-foot restaurant on the ground floor, a pool deck with a small bar on the second floor, and a 3,525-square-foot restaurant on the top floor. There would be no parking on site.

According to the renderings, the property is labeled as a Cloud One Hotel, a European chain with one site in the United States right now, in New York City.

 

Source:  SFBJ

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Rentyl Resorts Partners With New Luxury Hotel Brand To Develop, Manage Upscale Historic Hotel In Miami Beach

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Rentyl Resorts announced its collaboration with DaVinci Hospitality Group and Ferrari Group to brand and manage a new, cutting-edge boutique hotel at 2814 Collins Avenue in Miami Beach.

This partnership unites Rentyl’s expertise in creating authentic, extraordinary experiences with DaVinci Hospitality’s proven success in developing captivating properties.

“We are delighted to work with DaVinci Hospitality Group,” said Nicholas Falcone, CEO of Rentyl Resorts. “This venture aligns perfectly with our goal of providing a unique Miami Beach experience at a vibrant condo hotel.”

Set for transformation into a chic 44-unit retreat, the property boasts a prime location with direct beach access and proximity to fine dining. In homage to autistic artist J. Stacholy, whose historic mosaic graces the courtyard, the hotel will feature artworks by other local artists, celebrating Miami’s rich cultural and artistic heritage.

The ground floor will debut innovative restaurant and entertainment concepts, reflecting Miami’s diverse cultural and culinary landscape. Rentyl and DaVinci Hospitality will work collaboratively to preserve the property’s historical significance, while integrating contemporary design elements and cutting-edge technologies to ensure the highest possible overall guest satisfaction.

Rentyl will employ targeted branding and marketing strategies, alongside comprehensive hospitality services including front-office operations, concierge services, and exceptional management, to position this boutique hotel as a top Miami destination. Additionally, this partnership enhances developer options by offering the flexibility to consider integrating condo sales into Rentyl Resorts’ comprehensive rental program.

Together, Rentyl Resorts, DaVinci Hospitality and Ferrari Group look forward to creating an unparalleled hospitality experience at this iconic Miami Beach location.

 

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Miami Beach Weighs A Hotels Moratorium

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Miami Beach, the county’s visitor magnate for a century, is considering a moratorium on adding hotel rooms.

A discussion headed to the city commission’s Land Use and Sustainability Committee is to weigh repeal of floor area ratio incentives for hotel developments, a cap on hotel rooms based on zoning districts, and a recently enacted New York model for addressing the limits on approvals for hotels.

The city commission approved a market study researching the correct balance of residents and hospitality in Miami Beach in December 2021.

“The reason why I commissioned this study is [because] I think that you hit a fine line when you cross over a certain amount of hotel rooms versus residential, and studies like this have been done in other communities.… I wanted to get this presentation and have a robust discussion. We might have to recommission this study,” said Commissioner Kristen Rosen Gonzalez, who brought the discussion to the city commission in December.

“I think it’s a very different commission,” she said at that meeting. “I think that … the former commission was a lot more excited about building thousands more hotel rooms and the reason I commissioned this study was so that we would stop…. We’re going to… flood the market now with an additional 800 rooms when the new Convention Center hotel hits.”

In addition to Commissioner Rosen Gonzalez’s initial item, the complexity of the topic interlaced with other commissioners’ talking points.

A discussion to repeal the floor area ratio incentive for hotel development in areas like the commercial district was approved to be sent to the Land Use and Sustainability Committee, said Commissioner Alex J. Fernandez.

“I think that’s going to be important, sending a big message when we repeal an incentive like that that right now incentivizes hotel development, and we’re going to be discussing that at Land Use,” he said. “We also approved a referral to the Land Use Committee on another item to establish a cap on the maximum number of hotel rooms that may be developed in particular zoning districts.

“As part of that discussion,” he said, “we’re looking to limit which zoning districts permit hotels, increasing the minimum and average unit size potentially for hotel rooms because that’s one of the ways through which we can limit hotel development and promote more permanent residential development and limit the density of new hotel rooms in the city.”

Commissioner Fernandez suggested that the discussions are “all alike and almost belong together at the Land Use Committee” and could be referred a single conversation.

In the December meeting, commissioners pointed to 21,000 hotel rooms in the city and a little over 2,000 hotel rooms in the pipeline to be built.

Commissioner Rosen Gonzalez used the statistics to showcase her point.

“You’ve got an additional 2,000 rooms including the Convention Center hotel, which would take us to 23,000,” she said. “I would say after listening to this we consider a possible moratorium and then the city can possibly absorb more hotel rooms, but right now we are suffering economically. Across South Beach, there’s rooms at $40 … a night.”

“I believe in supply and demand,” said Commissioner Joseph Magazine. “I believe that our ecosystem is out of whack, and I want that to be data dependent and data driven. For years, ever since 2017 when the state and local tax reform was passed that actually was the catalyst for the wealth migration out of high tax states like New York, Illinois, California, and the entire rest of our region benefited from that, we just continue adding… hotel[s], whether that leads to a moratorium or something else.

“We need to address this,” Mr. Magazine said. “It needs to be data driven. We are not adding full-time residential housing. That’s a fascinating stat that we have about 20,000 hotel rooms. We’re increasing our capacity by 10%.”

Some sort of action must be taken, said Commissioner Rosen Gonzalez. She suggested a case-by-case system whereby “if anybody wanted to build a hotel, and they had some ridiculous vision that was not permitted and they had a new use,” she said, “they could come before us and they could ask for special permission. But I would like to stop it. Because I don’t think we need any more hotel rooms right now.”

“That [Gonzalez case by case idea] actually segways into a conversation I’ve had with legal,” said Commissioner Magazine. “It didn’t make the December agenda, because we’re still fleshing out the legal viability of that, but New York City, just in recent years, actually said you can no longer build a hotel as of right. It has actually come to their version of the city council, and I would entertain something like that because I don’t know if I’d buy into a complete moratorium for a six-star hotel in the Faena district, on the waterfront where room rates are $1,200 a night … sure, maybe that adds to things.”

“However, more infill hotels in the middle of Collins Park or other areas that should be dedicated and provide incentives for full-time residential housing,” he said, “essentially, an ordinance like that, which I’m going to continue to discuss with legal actually would provide a case-by-case basis. I don’t want to say that we would make exceptions, but for a certain period of time, we could even say until the Convention Center is built – I originally had three to five years but I think maybe that’s a great leeway – that any hotel application actually has to be approved by the City Commission and could no longer be done as of right.”

 

Source:  Miami Today

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Shelborne South Beach To Undergo Major Renovation

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A joint venture between Westdale Properties (“Westdale”), King Street Capital Management (“King Street”), and Cedar Capital Partners (“Cedar Capital”), (together the “Development Team”), announced plans for the new “Shelborne South Beach by Proper” (the “Hotel”), located at Collins Avenue and 18th Street in South Beach.

Major renovation and a redesign of the Hotel’s guestrooms, food and beverage venues, pool deck, cabanas and meeting and event spaces have begun. Following completion of the renovation, the Hotel will be managed by Proper Hospitality and will be the company’s first hotel in Florida.

Drawing from the rich history and heritage of the Shelborne South Beach, the Development Team is committed to preserving the Hotel’s 1940 Art Deco distinction and authentic charm, while modernizing the Hotel through a comprehensive $85 million renovation. Capturing the essence of Miami’s Art Deco and MiMo architectural history, the design will fully embrace the rich legacy originally crafted by Igor Polevitzky and later improved upon by Morris Lapidus —two of the most celebrated Art Deco architects of the mid-20th century.

“With our partners and Proper Hospitality, our role is to serve as custodians of the past while preserving the rich heritage of this iconic hotel,” said Mitchell Cohen, Chief Operating Officer of Westdale Properties. “Our intention is to retain, and, in fact, restore, all of the original heritage elements and imbedded history in order to make the new Shelborne South Beach by Proper capable of ushering in, and once again elevating, the famous Miami Beach Art Deco destination. It is a perfect fit for us as Proper Hospitality shares our objective of ensuring the heritage of the Shelborne South Beach continues and will be protected and enjoyed by future generations.”

All the heritage elements in the Hotel will be saved and restored for enjoyment by all.

“After decades of being hidden, the magnificent two-story windows along 18th Street will once again be brought back to life, flooding the new lobby with natural light, the way it was originally designed to be,” added Cohen.

Westdale has a substantial real estate portfolio in Canada and the US (including extensive properties in Florida) and investments in local Miami hospitality businesses (e.g., restaurants such as Swan and Komodo). Westdale is also developing Frank Gehry’s first residential towers in Canada, and his tallest in the world: Forma Toronto.

The Development Team worked extensively with the City of Miami Beach and local preservation agencies to ensure the restoration would both honor and care for the architectural legacy and history of the Hotel.

“We are thrilled to see the historic Shelborne South Beach begin its renovation and rehabilitation project. We are thankful to the owners for their investment to preserve the iconic hotel designed by Igor Polevitsky, with a later addition by Morris Lapidus. It is truly one of the great Art Deco district landmarks” stated Daniel Ciraldo, Executive Director of the Miami Design Preservation League.

 

“We are pleased to partner with the Development Team and the City of Miami Beach on this next chapter for the Shelborne South Beach,” added Mark Van Zandt, Managing Director and Co-Head of Real Estate at King Street. “As the South Beach district continues to transform, we believe the Hotel will further cement the area’s reputation as a premier global destination, aligning with our mission of adding value to neighborhoods through thoughtful design and execution.”

 

“Building on Proper Hospitality’s success in locations such as Santa Monica, Los Angeles, Austin, Palm Springs and Maui, Proper’s design aesthetic and redefined take on luxury will breathe new life into the Shelborne South Beach, restoring it to its grandeur of a half century ago,” said Ben Leahy, Partner of Cedar Capital.

Shelborne South Beach by Proper will feature 251 guest rooms and suites and will reopen in early 2025. In the coming months, Proper Hospitality will announce details surrounding the design, programming food and beverage concepts, and spaces that ensure the hotel will be an exciting new destination for locals, groups, and global leisure visitors alike.

“Proper’s seasoned leadership team has a long history operating high-end experiential design hotels in Miami and we are excited to return, introducing Proper’s take on redefined luxury to the South Beach market. Miami is a coveted destination among our guests and Shelborne South Beach by Proper will showcase how we are able to create a feeling of belonging and connection for our clientele through our one-of-a-kind design, a signature style of service, vibrant food and beverage outlets, and dynamic guest experiences,” said Brian De Lowe, Co-Founder and President of Proper Hotels.

Shelborne South Beach by Proper will usher in a new level of hospitality, bringing together immersive design, thoughtfully designed experiences, and programming to become a defining centerpiece of Miami’s vibrant South Beach.

 

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Real Estate Mogul Robert Finvarb Cos. Plans Hotel In Wynwood

Robert Finvarb's Proposed Wynwood Hotel_Rendering Credit MKDA 1170x435

On December 5, the Wynwood Design Review Committee will review designs for an 11,250-square-foot site located at 160 N.W. 28th St.

The parking lot was purchased in March for $6.7 million by Robert Finvarb‘s Miami-based company, 160 NW 28 St Associates LLC.

The hotel would have eight stories and total 45,770 square feet. It would have 116 rooms, a restaurant with 205 seats in 3,698 square feet on the mezzanine level, and a restaurant with 156 seats on the roof. Additionally, there would be 24 parking spots on the basement level, a gym on the second story, and a rooftop pool.

The sizes of the rooms would be 298 to 624 square feet.

Finvarb stated that the hotel will feature rooms that were full-sized, in contrast to the current Wynwood hotels that offer smaller rooms. For this project, he anticipates inking a branding agreement with a large hotel chain.

He hopes to break ground in Wynwood in the third or fourth quarter of 2024.

 

Source:  SFBJ

 

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