NY buyer of Brickell site plans boutique hotel
By Patricia Hoyos
A boutique hotel could be heading to Brickell in five years time on a 24,000-square-foot patch where Italian restaurant Rosinella and Grano Bakery currently sit.
The new hotel is expected to have anywhere between 75 to 150 hotel rooms and to include retail on the bottom floor, said Fabio Faerman, commercial division director for Fortune International Realty.
An undisclosed New York group purchased the three properties totaling to 24,000 square feet in Brickell with the purpose of bringing a new hotel to the area, he said. The purchased properties include five retail spaces and an office space in a 6,000-square-foot building as well as an 18,000-square-foot lot with space for 30 parking spots.
Located at 1036 S Miami Avenue, 1040 S Miami Avenue and 21 SW 11th St., the properties were acquired for $7.5 million in cash, Mr. Faerman said.
The company will hold the properties, two of which were owned by the Miami Avenue Holding Co. and one owned by Eleventh Street Holding Co., for at least five years before moving on with the plan, he said.
In the meantime, the new landlord hopes to keep its current tenants, which include Grano Bakery and Rosinella, which has been there since 1997, until the structures are demolished to make way for the development.
In addition, two new tenants are set to move into the empty retail space. A Colombian concept new to the area and a high-end cuisine concept will open later this year, said Mr. Faerman, who represented both the seller and the buyer in the transaction.
The New York-based firm that now owns the properties also owns another property in Brickell, Mr. Faerman said.
He said he anticipates a more detailed plan for the hotel component to be available later this year after the new owner of the retail corridor hires an architect.
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