Barry Sternlicht picks up Miami Beach land for $17M

Starwood Capital CEO plans to build a home on site

TRD MIAMI /
Jun.June 15, 2015 03:45 PM

A waterfront lot on North Bay Road just sold for $17 million to an affiliate of Starwood Capital Group, an investment company with about $42 billion in assets under its control.

The property, at 2374 North Bay Road, was purchased by a company titled BSS Miami in a deed filed in Miami-Dade County records on Friday. That company also filed a notice of commencement to build a single-family home on the 0.7-acre lot, which was signed by Barry Sternlicht, chairman and CEO of Starwood.

The lot was sold by Bart Reines, head of the Bart Reines Construction company. Reines’ company was named on the commencement as the home’s contractor. He has built a number of homes on Miami Beach, the Sunset Islands and La Gorce Island, according to the company’s website.

Reines purchased the property for $10.2 million in 2014 — nearly $9 million more than it last traded for in 1999 — but he still walked away with a hefty profit from the sale this year.

He also apparently kept the contract to a build a home on the site, which the South Florida Business Journal reported had been under construction ever since Reines first purchased the land.

Kobi Karp, a well-known architect in South Florida, has a rendering for a mansion at the North Bay Road lot on his firm’s website. Kobi Karp Architecture is also named as a contractor for the site in a May 2014 building permit.

Sternlicht was part of a joint venture with developer Richard LeFrak that recently completed the 1 Hotel & Homes on Miami Beach. The 426-room hotel opened in March, and more than 100 of the development’s 156 condos have been sold.


Related Articles

arrow_forward_ios
Phil Collins, Orianne Collins, and 5800 North Bay Road (Credit: Tim Chapman/Getty Images, and John Parra/Getty Images)

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave
6493 Allison Road (Credit: Douglas Elliman)

One Thousand Museum developer sells Allison Island home

One Thousand Museum developer sells Allison Island home
Greg Mirmelli with 2120 Bay Avenue (Credit: John Parra/Getty Images)

Miami Beach investor sells waterfront home for $18M, following bidding war

Miami Beach investor sells waterfront home for $18M, following bidding war
Floyd Mayweather & 5501 Pine Tree Drive, Miami Beach (Credit: Google Maps and Jun Sato/Getty Images)

Taking it on the chin: Floyd Mayweather Jr. sells Miami Beach home at a loss

Taking it on the chin: Floyd Mayweather Jr. sells Miami Beach home at a loss
1500 West 21st Street and Todd Glaser (Glaser by Mary Beth Koeth, Todd Michael Glaser)

Todd Glaser buys waterfront Sunset Islands home with plans to list it for $10M

Todd Glaser buys waterfront Sunset Islands home with plans to list it for $10M
A rendering of the monorail

Miami-Dade approves interim contract for monorail to Miami Beach

Miami-Dade approves interim contract for monorail to Miami Beach
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Oceanside Fisher Island and a map of condo sales (Credit: Google Maps)

Weekly condo sales volume in Miami drops below $40M

Weekly condo sales volume in Miami drops below $40M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...