One of Homestead’s oldest properties, Hotel Redland, sells: $950,000
It sold for $250,000 in 2012
February 18, 2016 03:00PMBy Katherine Kallergis
A historic property in Homestead rumored to have housed Al Capone has traded hands for just less than $1 million.
The Hotel Redland, formerly the Homestead Inn, was built in 1904 at 5 South Flagler Avenue. The property, which has since been remodeled and renovated, sold in late January for $950,000, or about $73,000 a room. it is designated historic.
KW commercial agents Tammy Garcia and Luis A. Badillo, along with Todd Akers of Essential Realty, represented the seller, 5 South Flagler Ave LLC. Arelys Catena of Century 21 represented the buyer, Representation RM LLC.
Garcia told The Real Deal that the 13-room hotel includes a main dining area, private dining, parking and a bar with a liquor license. “The folklore is that Al Capone stayed there,” Garcia told The Real Deal. “It was truly the first commercial building in the area. There was nothing around it.”
Garcia and her colleagues listed the Homestead hotel for $1.2 million in May, eventually dropping the price to $975,000. When the seller bought the 15,000-square-foot lot in 2012 for $250,000, about 80 percent of its renovations were completed. “For a long period of time [before that], it was in disrepair,” she said. Property records show it was foreclosed on in 2011.
W.D. Home reportedly opened it as the Homestead Inn in 1904 until it was renamed and expanded in the early 1920s, according to a press release.
“The interior has been remodeled, for example. The downstairs bar is original, the ceiling is original,” Garcia told TRD. “The effort was always to maintain it as close to original as possible.”
State records show the seller is managed by Mark Bell, who lost his bid for Homestead mayor in 2013. The buyer, which is managed by Enrique Rossel and Samarth Rocha of Pembroke Pines, will continue its current operations as a hotel and restaurant, according to a press release. The property is near Everglades National Park, Biscayne National Park and the Homestead-Miami Speedway.
Source: The Real Deal