The Real Deal Miami

Construction begins on Hampton Inn

June 01, 2010 02:45PM

Construction on a 221-room Hampton Inn and Suites is underway at 50 S.W. 12th Street in Miami, near Mary Brickell Village. John Moriarty & Associates of Florida, a construction management company specializing in luxury high-rise residential buildings, commercial office buildings and mixed-use projects, was awarded the contract to build the 15-story hotel. “Our investment group is taking a new direction in the dynamic Brickell neighborhood to aid recovery and satisfy the tremendous
demand for moderately priced lodging,” developer Bernard Wolfson said. “There is more than enough supply of condominiums, apartments, office space and luxury hotels. What is lacking is a high-quality, mid-priced hotel. That is what we will deliver.” Construction costs are expected to be about $18 million. The project is being financed through a five-year, $18 million construction mini-perm mortgage offered by Wells Fargo Bank. The target date for opening is the fourth quarter of 2011. [South Florida Business Journal]