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Hotel developer picks up site near downtown Miami: $8M

Hotel developer picks up site near downtown Miami: $8M
Property’s zoning allows for up to 36 stories of new development
February 19, 2016 12:00PMBy Sean Stewart-Muniz

The Sun Electronics building in downtown Miami that just sold

A company linked to an Orlando-based hotel firm just paid $8 million for prime land in Miami’s Arts & Entertainment District near the Venetian Causeway.
The property, located at 511 Northeast 15th Street, currently houses a small single-story commercial building that was occupied by Sun Electronics. Its lot size is 11,700 square feet and the property is right up the street from the former Miami Herald building that’s being redeveloped by the Genting Group.
For the last 18 years, the building’s been owned by John A. Kimball, a renewable energy advocate that founded Sun Electronics in 1989. He paid only $440,000 for the downtown Miami property in 1998, according to Miami-Dade County records.
An aerial view of the 11,700-square-foot-lot at 511 Northeast 15th Street

Now, Kimball has sold his corner shop to a Florida company named One Miami Biscayne Bay/Arts District Hotel. It’s managed by Vinay Rama, business development director of Orlando-based JHM Hotels.
JHM has an in-house development department, according to its website. The firm currently owns Marriott-branded South Florida hotels like a Springhill Suites in Dania Beach and the Courtyard Miami in Coral Gables.
The company’s plans for the property aren’t currently known. However, its T6-36b zoning allows for up to 36 stories under the Miami 21 code. If JHM enrolls in Miami’s public benefits program, which entails making a payment to the city’s Public Benefits Trust Fund or building a public fixture either on or off-site, the property’s limitation can be bumped up to 60 stories.

Source: The Real Deal

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