A New York investor was given the green light to build a luxury apartment building in Miami Beach’s suddenly hot North Beach neighborhood, thanks to the Miami Beach Planning Board’s 7-0 vote.
Guy Smilovich, principal of Sterling Holdings, told The Real Deal the project, his first in South Florida, will consist of 13 units that will go for $1,600 to $3,000 a month.
“I’m looking to hold on for the long term value,” he said. “It’s a very unique project.”
The new four-story building will rise on a vacant lot at 8204 Harding Avenue. Plans include a mix of modern and Art Deco influences, as well as a mechanical lift parking system that fits 20 cars, according to a presentation by Smilovich’s Doral-based architect Gustavo Ramos.
The new structure will be connected via a courtyard to an existing two story Art Deco building at 8200 Harding Avenue that will have three premium residential units.
Ramos said his design was the alternative to creating a traditional apartment building on top of a two-story parking garage and would avoid demolition of the 8200 Harding Avenue property.
The plans drew praise from planning board member Randy Gumenick. “This is a very intelligent project,” he said. “Really nice work.”
Smilovich purchased both properties for a combined $430,000 in January 2011. At the same time, he also bought a four-unit building at 8144 Harding Avenue for $550,000.
“We may redevelop the third property into a hotel in the future,” he said.
The time is right to build on 8204 Harding Avenue as other projects in the neighborhood by some of Miami’s leading developers get underway, Smilovich explained.
Terra Group is building a 20-story, 64-unit condominium that is replacing the 10-story Howard Johnson Dezerland Hotel at 8701 Collins Avenue. Terra’s project is one of nine towers planned for an area that stretches from 63rd Street to 88th Street.
“North Beach is a unique, quiet neighborhood,” Smilovich said. “And we are uniquely situated in front of a park and the beach.”