CLIENT NEWS: Miami Beach site sells for $20M, 7-story hotel planned
June 14, 2024A developer purchased a mixed-use building in Miami Beach for $20 million, with plans to replace it with a hotel.
Washington Gardens Inc. and Washington Gardens MB LLC, both managed by James Resnick in Miami Beach, sold 1509 and 1515 Washington Ave. with a 11,458-square-foot retail building and a 13-unit apartment building to 1515 Washington Acquisition LLC, co-owned by Xaver Kriechbaum and Gavin Crescenzo of Aventura-based Keyah Real Estate Group. The deal included $15 million in seller financing. The land totals 0.63 acres.
The seller purchased the retail building for $550,000 in 1987 and the apartment building for $4.6 million in 2015, so it made a nice profit on the sale. Recent tenants include Playa Caf?®, Charlotte Bakery, Cheese Burger Baby, and 123 Liquor.
Earlier this year, 1515 Washington Acquisition filed plans with the city for a seven-story hotel. The 91,230-square-foot hotel featuring 238 rooms, a 5,677-square-foot restaurant on the ground floor, a pool deck with a small bar on the second floor, and a 3,525-square-foot restaurant on the top floor. There would be no parking on site.
Miami-based Arquitectonica designed the hotel.
