Robert Finvarb Companies and Hidrock Properties are planning a 115-room branded hotel in Miami’s Wynwood, marking the joint venture’s third project in the artsy neighborhood.
An affiliate of Aventura-based Robert Finvarb and New York-based Hidrock bought a 0.2-acre site at 160 Northwest 28th Street for $6.7 million, records show. The seller, an entity managed by Maxmillian Beltrame Widmann in Miami, had paid $3 million for the vacant lot in 2016.
The proposed 10-story hotel will cost an estimated $20 million to build, said Hidrock CEO Abraham “Abie” Hidary.
“We are in the very early stages of planning it,” Hidary said. “There will be three food and beverage components on the ground-floor, the second floor and the rooftop.”
The joint venture has not yet identified the brand for the hotel, Hidary added.
Hotels represent the next wave of development in Wynwood, Hidary said. The neighborhood’s first hotel, the 217-key Arlo Wynwood at 2217 Northwest Miami Court, built by Quadrum Global, was completed last year. A partnership involving Andres Klein, founder and principal of BH Investment Group, is developing One Eleven Wynwood Hotel by Sonder, a proposed 72-room project at 111 Northwest 26th Street. And in December, Aventura-based Turnberry Associates unveiled plans to build a mixed-use hotel project at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street. Last year, Turnberry paid $13.1 million for the properties.
Source: The Real Deal
