CLIENT NEWS: Intervest Seeks to Convert Historic Miami Beach Rental into Hotel
February 27, 2023An Oklahoma-based investor wants to convert a historic apartment building in Miami Beach into a boutique hotel, according to a filing with the city’s Historic Preservation Board.
The Mediterranean Revival-style building, located a block south of the Bass Museum at 337 20th Street, was constructed in 1926 and today functions as a 56-unit rental property. Intervest Properties is seeking approvals to turn the 34,979-square-foot building into a 76-room hotel, eight years after paying $11.8 million for it.
The proposed plans will keep much of the three-story building’s exterior and interior, retaining “at least 75 percent of the front and street wide walls” and “at least 66 percent of the remaining interior side walls,” complying with the district’s historic redevelopment regulations, according to Intervest’s lawyer Michael Larkin, who did not immediately respond to Commercial Observer’s request for comment.
The rooftop will contain a deck, which will include a pool and garden.
As South Florida’s tourism industry has rebounded following COVID-19 induced lockdowns, investors have seized on hospitality properties.
Earlier this month, Blue Suede Hospitality Group paid $26.5 million for another historic Miami Beach hotel, the 79-room South Beach Plaza Hotel. In a blockbuster deal, Trinity Investments and Credit Suisse Asset Management bought the 1,000-room Diplomat Beach Resort for $835 million, making it South Florida’s largest hospitality acquisition since 2019.
The Miami Beach Historic Preservation Board will hear the bid March 14.
