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Miami Beach South Of Fifth Projects Could Score More Density

In Miami Beach’s South of Fifth neighborhood, more density is the carrot. And three hotel owners are the rabbits.

And at least one of those hospitality landlords, an affiliate of Miami-based Key International, is eyeing that carrot.

The Miami Beach City Commission on Wednesday approved a measure that would encourage South of Fifth hotel owners to redevelop their properties into condominiums or multifamily projects. By agreeing to convert their land from transient uses such as hotels, hostels and short-term rentals to residential use, the owners would get an increase in the allowable floor area ratio, or FAR, to 2.75 from 2.0, according to a city memo.

Key International owns the Marriott Stanton South Beach at 161 Ocean Drive, through its affiliate Komar Investments, records show. The Key International affiliate is interested in exploring possible redevelopment of the 224-room hotel and taking advantage of the density bonus, said Christopher Penelas, an attorney for the hotel owner.

The legislation, sponsored by Miami Beach city commissioner Alex Fernandez, was mandated by Miami Beach residents. In November, 66 percent of voters approved a referendum directing the city to enact the legislation.

In order to receive the density bonus, property owners must pledge that any new projects will not allow rentals shorter than six months.

 

Source:  The Real Deal

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Shvo Wants To Redevelop Aging Lincoln Clock Tower Building

Shvo is betting big on Miami Beach.

Michael Shvo’s firm is seeking to redevelop a 13-story office tower at 407 Lincoln Road, according to plans filed with the city.

The aging tower is one of the tallest office buildings in Miami Beach and is known for its clock display on the top. It sits directly in front of SoundScape Park.

The tower would mark Shvo’s third office project in the city.

But first Shvo’s firm has to acquire the property. An entity called EuroAmerican Group owns the building, which is split into 12 office condos, according to property records. Shvo’s filing with the city likely means a sale will soon be finalized. Shvo declined to comment and Michael Shvo could not be reached for comment.

Shvo tapped Foster + Partners and Kobi Karp as architects. Shvo will seek to completely renovate the exterior of the building and renovate the lobby, elevators and clock display, plans show. The renderings of the building look unrecognizable from the building’s current design.

Wealthy people have long flocked to Miami Beach, but mostly to live, not work. In recent years, developers have sought to capitalize on the wealth migration by building more office space for family offices and headquarters, as well as for the influx of tech and financial firms to the Miami area.

In addition to the Lincoln Road project, Shvo is building a six-story office building on Washington Avenue, and a 250,000-square-foot office building on Alton Road, both in Miami Beach. Shvo’s plans follow two major, controversial Miami Beach office proposals, one by Don Peebles, former Miami Beach mayor Philip Levine and Scott Robins, and another by Integra Investments, Barry Sternlicht’s Starwood and Michael Comras’ The Comras Company. The proposals, to be built on city-owned parking lots under 99-year leases, are heading to a referendum on Nov. 8.

An entity tied to Key International founder Jose Ardid bought the Lincoln Road office tower from the Financial Federal Savings & Loan Association in 1982, records show. In 2003, Key International sold the property to EuroAmerican Group, which lists Ivan Gonzalez Ruiz as president.

Shvo’s other major project in Miami Beach is the redevelopment of the oceanfront Raleigh and two other neighboring hotels. Shvo is planning to redevelop the historic Raleigh and build a 44-unit luxury condo tower. Rosewood Hotels & Resorts was tapped as the branding partner for the hotel.

 

Source:  The Real Deal

 

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Developers Targeting Multifamily Properties In Little Havana

Developers are targeting multifamily properties in Little Havana, especially ones recently built.

An investor recently flipped a Little Havana apartment building for $6.2 million after buying it a few months ago.

In September, Bar Invest Group sold an apartment building it built in Little Havana for $7.1 million to Beraja Investments.

Earlier this year, Key International sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street, for $10.1 million, or about $128,000 per unit. In April, a group of investors acquired a 103-unit apartment portfolio in the neighborhood, with plans to upgrade the properties and flip them.

Unlike Brickell, most of Little Havana is zoned for medium-density development – either T4 or T5. That means that development is capped at five stories and 65 residential units per acre.

Investors also are proposing new apartments in the neighborhood. Ricky Trinidad’s Metronomic is planning several developments in Little Havana, including a series of two-story residential projects called La Elaina, and a five-story office building called SieteOcho at 640 Southwest Eighth Avenue.

 

Source:  The Real Deal

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