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Owner of South Beach parcels looks to flip property for $9.5M

Owner of South Beach parcels looks to flip property for $9.5M
Property can fit 55-room hotel, or one giant single-family residence
February 25, 2016 02:15PM

The vacant land at 251 Washington Avenue in Miami Beach

The owner of two South Beach parcels has put them up for sale at $9.5 million less than a year after he purchased them.
Included in the listing are two side-by-side vacant lots at 251 Washington Avenue. They total 13,000 square feet and have zoning rights for everything from single-family homes to a boutique hotel.
As The Real Deal reported last year, the parcels were most recently owned by investor Adam Hyatt. In March, he had purchased them for $8.25 million from broker-turned-investor Edie Laquer, who herself had flipped the property after paying just under $4 million a year prior.
Hyatt had told the Miami Herald at the time of the sale that he planned to a luxury boutique hotel there. Those plans appear to have been cancelled.
He recently listed the property with Peter Andolina of Metro 1, who also represented Laquer for the last transaction.
Here are a few of the property’s potential uses, according to a news release: 20-unit condo building, 55-room hotel or a massive 20,000-square-foot house.
“The availability of land in prime locations in the South of Fifth area is becoming more scarce and hard to come by and this listing is the last available double lot in the neighborhood,” Andolina said in the release. — Sean Stewart-Muniz

Source: The Real Deal

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