Finvarb lists Miami Beach development site for sale: $7M
Asking price is $6.25M more than last sale
October 19, 2015 11:15AMBy Sean Stewart-Muniz
The development site at the corner of 5th Street and Meridian Avenue in South Beach
A chunk of vacant land in South Beach, owned by a member of the Finvarb family of developers, has been put up for sale at $7.25 million.
The property’s address is 803 5th Street at the intersection with Meridian Avenue. It’s a 10,000-square-foot lot that’s currently leased out to a parking operator for the next two years.
Miami-Dade County property records show that the property is owned by Sobe 5 LLC, with Ronald J. Finvarb as its managing member. He’s a principal of the Finvarb Group, a development team based in Miami that focuses on building hotels. The group’s recent projects include the 116-room Marriott Residence Inn South Beach, and a yet-unnamed 96-room hotel at the longtime site of Boston Market in South Beach.
Metro 1’s Peter Andolina, the vacant land’s listing agent, told The Real Deal that the property was a strategic purchase for Finvarb, who held onto it for several years before deciding to sell.
“He’s a hotel developer himself, but he generally does larger properties,” Andolina told TRD.
County records show he paid $1 million for the land in 2011. That price breaks down to only $100 per square foot. Now, it’s listed for $725.
According to a flyer from brokerage firm Metro 1, the property could house a variety of boutique buildings like a 50-room hotel, 20-unit condominium, office building with ground-floor retail or a bank location.
The lot’s maximum capacity is a 50-foot building with 20,000 square feet of space. Buyers stepping into the property would receive $90,000 for the first year of the parking lease, and $102,000 for the second year — although they can cancel the lease at any time, according to the flyer.
“The most interest I’m getting is from people who want to do boutique hotels or small condos with ground floor retail,” Andolina said. “Anyone entering the beach from Macarthur Causeway has to pass by this property.”
Source: The Real Deal