CLIENT NEWS: Billionaire Barry Sternlicht plans $61M redevelopment of Miami Beach hotel
September 9, 2024The Standard Spa, a Miami Beach two-story hotel co-owned by billionaires Barry Sternlicht, Peter Thiel and Marcelo Claure, may undergo a $61 million redevelopment that introduces new residential units and cuts the number of hotel guest rooms.
Documents detailing the planned project at 40 Island Ave. have been filed with the city’s Design Review Board. A meeting to discuss potential design approval is set for Oct. 1.
The Standard Spa was purchased by Starwood Capital Group Chairman Sternlicht in 2021. The billionaire investor owns over 15% of the hotel, and is known for leading Starwood Hotels and Resorts Worldwide and creating the 1 Hotel.
Antonio de la Rúa, an Argentine lawyer and ex-boyfriend of Shakira, and Argentine architect Sebastian Sas each own about 14%. Bjark Ingels and Miguel Isla Esteve, CEO of Nomade People, each own 10%. Other minority stakeholders include tech billionaire Thiel, and Claure, billionaire investor and former CEO of Sprint.
According to the hotel’s land use board hearing application, Miami-based Kobi Karp Architecture and Interior Design is the architecture designing the project.
Bercow Radell Fernandez Larkin + Tapanes, a zoning, land use and environmental law firm in Miami, is representing the hotel. The firm’s Michael Larkin and Nicholas Rodriguez are listed as authorized representatives.
Larkin outlined the hotel’s plan in a recent letter of intent addressed to Michael Belush, the city’s planning and zoning manager.
The Standard aims to redevelop its east wing and renovate its west wing to enhance the property and better integrate it with the Belle Isle community.
The east wing redevelopment would introduce a modern five-story building that features about 50 hotel rooms, six luxury residential units and 66 parking spaces. The top floor would have private rooftop decks for residents, with strict operational hours to minimize neighborhood impact.
Renovation plans for the west wing call for the consolidation of existing guest rooms to create larger accommodations. The total room count would be reduced to about 55 from 67. Current finishes would be upgraded to modernize the structure.
Kobi Karp would partner with Bjarke Ingels Group, a renowned multinational architecture and design firm, to redevelop and renovate the two wings.
Owners of The Standard wish to create “a wellness-oriented oasis” while addressing community concerns with internalized parking and loading to reduce traffic impact.
The multimillion-dollar project would be designed with environmentally friendly features to comply with city resiliency codes.
The Standard would raise its east wing above base flood elevation to enhance the structure’s flood resilience and include hurricane-resistant windows for added safety.
Sustainable landscaping would be integrated throughout the property to preserve native and water-efficient plants, while cool and permeable pavement materials would reduce heat absorption and manage stormwater runoff. The design plan also accounts for rising sea levels.
Energy-efficient systems and passive cooling features would be added “where feasible and appropriate” to lower energy consumption. Additionally, a recycling and salvage plan would be put in place for demolition activities to minimize waste.
The Standard’s proposed project does not increase the number of hotel rooms or accessory uses, which adheres to existing city regulations.
Operated by Standard International Management, The Standard is part of a boutique hotel group that has seven locations worldwide. The Miami Beach hotel and spa opened in 2006 after a major renovation. It took over the former Lido Spa, which closed in 2002.
