Silvia Coltrane, partners score approval for North Beach hotel
Majority owner Coltrane is partnering with Jordan Kavana, Jacques Bessoudo and Alex Blavatnik
December 21, 2016 09:45AMBy Katherine Kallergis
Rendering of plans for the Collins & 72nd project
Developer Silvia Sabates Coltrane received unanimous approval from the Miami Beach Planning and Zoning Board on Tuesday for a new project in North Beach.
Silvia Sabates Coltrane
Collins and 72nd Developers LLC, a company led by Coltrane with partners Jordan Kavana, Jacques Bessoudo and Alex Blavatnik, is planning a 179-room hotel with 20,000 square feet of retail space on the corner of 72nd Street between Collins and Harding avenues.
Coltrane, CEO of Transacta Developers, recently completed the Residence Inn in Surfside and is considering flags like Marriott, Hilton or Hyatt for the North Beach property.
A disclosure of ownership filed with the city in October shows Coltrane has a nearly 56 percent stake in the company, Kavana and Bessoudo together have 39 percent, and Blavatnik, executive vice president of Access Industries, has a 5 percent stake in the company.
The LLC acquired the site, which includes the low-rise retail buildings at 7118, 7134 and 7140 Collins Avenue, for $12 million or $480 per square foot for the land in January and financed the deal with a $7.2 million mortgage from Lion Financial. Denny’s, a bakery and other stores are currently tenants.
The 10-story, 129,337-square-foot hotel would include 141 parking spaces, meeting space, a gym and a bar/lounge, according to plans filed with the city. Revuelta Architecture is designing the project. The board also approved the developer’s proposal to move an FPL transmission line running down the center of the property to the side, which she said would be less costly than burying the line underground.
The planning board decision follows the city commission’s approval of the North Beach master plan in October. The 189-page master plan, which was developed over the past year by town planners Dover Kohl, calls for five big ideas to revitalize the area: the creation of a town center along 71st Street, more walkable streets, enhancing neighborhoods through the creation of local historic and local conservation districts, the creation of more parks and upgrading construction to withstand the challenges of sea-level rise.
The North Beach neighborhood stretches from 63rd Street to 87th Street.
Here’s another rendering of Coltrane’s hotel:
Collins & 72nd LLC hotel project
Source: The Real Deal