Developer proposes micro-hotel on Washington Avenue
The Miami Beach properties sold to a partnership in June for $36M
March 23, 2016 05:30PMBy Katherine Kallergis
Rendering of the proposed hotel on Washington Avenue
A group of developers submitted plans to the city of Miami Beach for a micro-hotel on Washington Avenue.
Rendering of the hotel’s facade
Washington Squared Owner LLC, an entity controlled by Andrew Joblon, wants to build a Z-shaped hotel with 312 micro-hotel rooms, the Next Miami first reported. Joblon, of Turnbridge Equities, is partnering with Michael Fascetelli and Eric Birnbaum of New York-based Imperial Companies on the project. Fascetelli was chief executive of Vornado Realty Trust until his resignation in 2013.
The LLC paid $36 million for the block between 601 and 685 Washington Avenue in June. It recently submitted plans to the city’s planning board, which will review the proposal at its meeting April 19.
The seven-story hotel, designed by Nichols Brosch Wurst Wolfe, Raymond Jungles and Morris Adjmi Architects, would include ground-floor retail and a third-floor amenity deck with a pool, private cabanas, club bar, outdoor and indoor cafe, and a concierge desk.
The developer isn’t alone in wanting to bring more hotels to the area: Robert Finvarb and Michael Simkins have also proposed a mixed-use project with hotel and retail components at 900 Washington Avenue.
In the micro-hotel market, Moxy by Marriott and Netherlands-based CitizenM focus are among the biggest players that have focused on the millennial traveler with smaller rooms and more amenities. “The micro-hotel segment is really interesting because it allows you to stay in the heart of Miami Beach at an affordable price point,” Joblon told The Real Deal. He did not disclose a hotel brand for his property on the 600 block of Washington.
Washington Squared Owner has also submitted plans for 709 to 731 Washington Avenue, where the partnership will redevelop the buildings into single-story retail.
Washington Avenue is experiencing a new wave of redevelopment, amid the city’s approval of new measures that are designed to increase hotel space and retail and dining opportunities on the street, which lags behind Lincoln Road and Ocean Drive in attracting first tier retail, dining and hotel venues.
“We view this as one of the catalytic projects in terms of the transformation of Washington Avenue,” Joblon told TRD.
Source: The Real Deal