Know about market updates

Developers to break ground on Miami Beach condo-hotel with Starbucks

Developers to break ground on Miami Beach condo-hotel with Starbucks
Completion date is set for summer 2017
April 15, 2016 03:45PM

Rendering of 6080 Collins Avenue Beach House

A group of Argentine developers are set to break ground on a new $30 million condo-hotel in Mid-Beach with a ground-floor Starbucks.
The six-story hotel is named 6080 Collins Avenue Beach House after its address. Its design is a modern take on 1960s-era style with tall windows, large balconies and wood floors.
Argentine developers Alex Rakover, Flavio Rossato and Pablo Hoberman announced Friday they are hosting an official groundbreaking for the project next week, with a top-off date slated for December of this year and completion set for summer 2017. Chisholm Architects and Charles H. Benson Associates are handling design work.
Rendering of a unit’s living room

So far, 65 percent of its 70 studios and one-bathroom units have sold after launching sales in June 2015, according to a news release from the developer. Prices start at $267,100, with units ranging in size from 337 square feet for the smallest studio to 558 square feet for the largest one-bedroom residence. They’re being delivered turn-key and the project will have a vacation rental program.
“[Buyers] can either use the unit all year, or for just one month a year, then during the remaining 11 months we manage the residence so the buyer makes money on rentals,” Hoberman said in the announcement.
Rendering of ground floor

Besides the ground-floor Starbucks, which the developers hope will be a big draw for tourists, the building will have amenities like bike racks, a 24-hour reception desk and housekeeping services.
Developers Rakover and Hoberman co-founded Urbis Real Estate, a brokerage that handles investments and management, while Rossato is an affiliate with development firm Domus Group, which has offices in both Buenos Aires and Miami.
County records show the developers paid $3.5 million for the 20,000 square feet of land where they plan to build 6080 Collins in 2013. The seller was Regions Bank, who seized the property out of foreclosure a few months earlier. — Sean Stewart-Muniz

Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *