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Fort Lauderdale Developer Proposes Boutique Building In Miami Beach

13 Jan Real Estate LLC's 829 Fourth Street-South of Fifth-Miami Beach 1170x435

A Fort Lauderdale-based developer has proposed a boutique mixed-use development in Miami Beach’s South Of Fifth neighborhood.

The developer, 13 Jan Real Estate LLC, led by Oscar Pittini, plans to keep a portion of the existing single-story residential building at 829 Fourth Street adjacent to Meridian Courtwhich was constructed in 1952, and convert it to a mixed-use space.

The five-story development will feature four residential units, each spanning 1,886 square feet, with additional commercial space.

The application does not specify how the commercial space will be used or whether the units will be converted into condos or rentals.

Last year, Pittini paid $2.5 million for the 5,000-square-foot lot, which sits within the Ocean Beach Local Historic District, according to property records. The Miami Beach Historic Preservation Board will hear the proposal Oct. 10.


Source:  Commercial Observer

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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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Black Lion’s South Florida Retail Shopping Spree Continues With $19M South Beach Deal

In a $19 million deal, Black Lion Investment Group purchased its fourth Miami-Dade retail site in a six-month span.

The Los Angeles-based commercial real estate investment firm picked up the ground-floor commercial condos in Marea, a six-story boutique condominium at 801 South Pointe Drive in Miami Beach’s South of Fifth neighborhood, according to a press release. Black Lion, led by Robert Rivani, paid roughly $995 a square foot for 19,100 square feet of retail.

The seller is Marea Retails, an entity managed by Domenico Albano and Americo D’Agostini, principals of Miami-based A&D Group Realty. Marea Retails sold the two commercial units for the same price the company paid in 2015, when developer The Related Group completed the building. The project’s 30 condos atop the commercial space were sold to individual owners.

D’Agostini called the off-market trade with Black Lion “a good deal.” Fabio Faerman and Sebastian Faerman of FA Commercial brokered the sale.

Existing commercial tenants include RED Steakhouse and KoSushi. In a statement, Rivani said Black Lion plans to lease about 9,400 of available space to other fine dining restaurants. Marea is about a five minute walk from the Yukon building where celebrity chef Gordan Ramsey is opening a Lucky Cat restaurant.

Since June, Black Lion has dropped a total of $57.9 million to acquire retail spaces in Miami and Miami Beach, including the two Marea commercial units. The company first acquired Wynwood Arcade, a nearly 23,000-square-foot retail and restaurant building in Miami’s Wynwood neighborhood for $13.3 million. The revamped warehouse is home to Salty Donut craft doughnut and coffee shop, and No. 3 Social rooftop lounge.

Also in June, Black Lion paid $12.1 million for Amara, a 12,300-square-foot restaurant operated by Michael Schwartz in Paraiso, another condo project by the Related Group in Miami’s Edgewater neighborhood.

In July, Black Lion bought a retail condo at the SLS Lux Brickell in Miami for $13.5 million. The space formerly housed Katsuya sushi restaurant and SBar.


Source:  The Real Deal

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Miami Beach Bans New Apartment Hotels In Parts Of South-Of-Fifth – For Now

After more than a dozen residents described public sex acts, defecation and the need to carry a gun when going outside, the Miami Beach Planning Board backed a proposed ordinance to ban new apartment hotels in certain areas of the city’s South-of-Fifth neighborhood.

The 5-to-0 vote last week will prevent property owners in a large chunk of residential South-of-Fifth from converting their buildings into apartment hotels, at least temporarily. The Miami Beach City Commission still has to give its final approval for the ban to be permanent.

The proposed ordinance seeks to close a loophole that allowed developers to turn apartment buildings and condos within South-of-Fifth’s residential area into hotels, a trend that has “negatively impacted existing residential apartment uses, as well as the residential character of the RPS-1 and RPS-2 districts,” Planning Director Tom Mooney wrote in a memo to planning board members. “RPS” stands for residential performance standard.

Legislation allowing apartment hotels was originally intended to encourage the preservation of historically significant buildings with structures that were both residences and hotels. Instead, Mooney stated, developers only used one unit as a full-time residential apartment and the rest of the units as short-term rentals.

Fifteen South-of-Fifth residents called in during public comments to beg board members to shut down apartment hotels in their area. Many described horrendous behavior that they blamed on guests of short-term rentals within apartment hotels.

Gerardo Gonzalez, president of 360 Meridian, told board members that he often sees people “urinating, defecating, and performing live sex acts in the street.”

“I can see it from my balcony. I never imagined five years ago that South-of-Fifth has become the zoo it has now. It’s chaos down here,” Gonzalez said. “As a matter of fact, I had to carry my gun around, and I never used to carry my gun around… Now when I go out with my daughter or my wife, I’ve got to carry my gun. And my wife is also carrying.”

Keith Marks, a resident of the Continuum and a board member of the South-of-Fifth Neighborhood Association, denounced apartment hotels as lawless businesses.

“To call it a hotel is a disservice to a hotel. A hotel has a front desk. They have liability. They have security. They have some rule of law, even though some hotels are bringing elements that we are not thrilled about in the South-of-Fifth area,” he said.

Marks told the board he was shocked to see in The Real Deal that a realtor was “actually promoting this as a great idea for investors, and that they should start buying up old apartment complexes and turn them into this so they can make money on Airbnb short-term rentals.”

Marks confirmed to TRD that he was referring to a July 16 article about nightlife entrepreneur Louis Puig paying $5.6 million for a 24-unit apartment building with the intent of turning it into a 20-room “boutique” apartment hotel.

The listing agent, Susan Gale of One Sotheby’s International, said that the building at 333 Jefferson Avenue was the “the type of property everyone is looking for,” adding: “There’s a tremendous amount of cash buyers coming from everywhere looking for properties like this because Airbnb has become super popular.”

In December, a 13,000-square-foot lot at 200 Collins Avenue with an apartment building and an office building sold for $6 million. A spokesman for the buyer told TRD that an apartment hotel under the Vonder brand name would be established on the property, with rooms rented out for between $200 and $450 a night.

The Miami Beach legislation will have no effect on apartment hotels that already operate in South-of-Fifth’s residential zones. Developers who have already obtained a building permit can still continue with plans to build their apartment hotels, a city planner confirmed during the meeting. The code won’t stop more apartment hotels from being established in other parts of the city, either.

No one at the meeting spoke in favor of apartment hotels.

Giselle Franco, a real estate agent affiliated with the Susan Gale Group, told TRD that apartment hotels are being unfairly blamed for bad behavior that’s occurring everywhere in Miami Beach by people taking advantage of “insanely cheap rates” during the pandemic.

“A lot of unit owners want to turn their apartments into [short-term rentals]. They make a lot more income that way than by renting it month-by-month,” Franco said.

So far in Miami Beach, the pendulum is starting to swing somewhat against hoteliers and late-night alcohol-serving properties.

Following complaints from Flamingo Park residents, the city will be holding a hearing on Sept. 28 regarding revoking an outdoor entertainment permit for the roof deck of the Goodtime Hotel. And in July, the Miami Beach City Commission failed to get enough votes to approve legislation that would have allowed Ronny Finvarb to build a hotel at 1790 Alton Road, after Sunset Harbour homeowners feared that another hotel could make the neighborhood less residential and more like Ocean Drive.

Last May, a slight majority of the commission passed legislation that would stop alcohol service on Ocean Drive and Collins Avenue within the entertainment district at 2 a.m. instead of 5 a.m., a move that was backed by real estate developers Don Peebles, Jorge Pérez, and Barry Sternlicht. The owners of the Clevelander successfully sued to overturn the early closure less than a month later, although the decision is now under appeal. On November 2nd, Miami Beach residents will also be asked, in a non-binding referendum, if last call should be rolled back from 5 a.m. to 2 a.m. citywide.


Source:  The Real Deal

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