Hospitality group buys Miami Beach site, plans boutique hotel

Washington Avenue site
The Waldorf building in Miami Beach

A Miami Beach apartment building on Washington Avenue sold for $6.2 million, six times its last sale price in 1993.

The Waldorf building, a 5,865-square-foot site at 1334 Washington Avenue, sold to Waldorf Hotel LLC, a Bay Harbor Island-based company led by Argentine developers Jorge Savloff and Marcelo Tenenbaum, on March 16, according to Miami-Dade County records. The pair developed The Club at Bay Harbor and the Art Deco Shore Berkeley Hotel in South Beach.

According to the buyers’ company website, the site is being redeveloped into a 32-room boutique hotel with a restaurant and bar.

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“The new owners of the property are one of the leading hospitality groups on Miami Beach,” Scott Sandelin, a Marcus & Millichap associate vice president of investments, said in a statement. “They are planning extensive renovations and conversion of the property into a boutique hotel with a planned opening in 2016.”

The 12,648-square-foot property has 4,174 square feet of Washington Avenue retail space and 8,474 square feet of multifamily space. It also has 14 one-bedroom, one-bathroom apartments. The three-story building was built in 1925, according to property records. The seller, North Miami-based BRC Florida, paid $1 million for the property in 1993, Miami-Dade County property records show.

Sandelin, Ronnie Issenberg, Gabriel Britti and Alejandro D’Alba of Marcus & Millichap represented both parties.

Just this week, a hostel at 235 Washington Avenue sold for $8.3 million.