Paris Theater in Miami Beach on market: $23M

Miami /
Sep.September 04, 2015 01:30 PM

The Paris Theater on Washington Avenue in South Beach is for sale for $23 million, as the faded street sits perched at the cusp of redevelopment.

Marcus & Millichap has the listing for 25,589-square-foot entertainment space at 550 Washington Avenue in Miami Beach. Scott C. Sandelin, a vice president investments, and Alejandro D’Alba, an associate, both in Marcus & Millichap’s Miami office, are representing the seller, a Miami Beach-based limited liability company.

The seller is Big Time Productions, which paid $975,000 for the property in 1992, according to Miami-Dade property records. The production firm, which bases its headquarters at the Paris studios, also owns the Ice Palace Film Studios, along with other venues.

With a capacity of 1,200 patrons, the Paris space can be used for any type of event, including theatrical productions, launch parties and dances. One of the unique features of the Paris Theater is its glass roof, according to a release about the listing.

“The red-hot hotel business on Miami Beach gives rise to the need for large entertainment spaces that can hold more than 1,000 guests at a time,” D’Alba said in a statement. “The Paris Theater is one of only a handful of large structures that allows an investor the flexibility to operate the property in its current form, or completely repurpose the space for a different use.”

Washington Avenue is experiencing a new wave of redevelopment, as the city considers new measures that are designed to increase hotel space and retail and dining opportunities on the street, which lags far behind Lincoln Road and Ocean Drive in attracting first tier retail, dining and hotel venues.

At a Miami Beach City Commission earlier this week, commissioners said they welcomed plans that would allow height limits to be increased to 55 feet from the current 50 foot limit for most buildings, and higher for larger buildings, reducing or in some cases eliminating parking requirements for hotels and businesses and adding parklets  parking spaces converted to temporary patios for outdoor dining.

The proposals come out of the Mayor’s Blue Ribbon Panel for Washington Avenue, chaired by former commissioner Saul Gross, president of Streamline Properties, and a longtime business owner on Washington Avenue.

To increase foot traffic during the day, the proposed ordinance calls for new nightclubs with a maximum of 25 feet of frontage on Washington Avenue, to provide some kind of active use during the day.

And to encourage hotel investment, height limits for buildings with more than 200 feet of frontage will be increased from the current 50 feet to 75 feet with a 35–foot setback from the street. Gross says the proposal applies only to larger buildings that have open space on the sides of their buildings, and it is needed for hotels, which require 100 to 115 rooms to be economically viable. Parking requirements for new hotels will be waived until 2020, and current parking space requirements for offices will be significantly reduced.

“The Paris Theater is located directly west of the proposed Washington Avenue development site that has been the catalyst for the Washington Avenue resurgence,” Sandelin said in a statement. “The Washington Avenue site is a mixed-use project with hotel, condo, office and retail components.” Ina Cordle


Related Articles

arrow_forward_ios
Miami-Dade condo sales map and Continuum South Tower (Google Maps)
$35M Miami Beach sale leads weekly condo sales
$35M Miami Beach sale leads weekly condo sales
Eddie Irvine and 100 West San Marino Drive, Miami Beach (Getty, Google Maps)
Eddie Irvine sells Venetian Islands spec home for $17M
Eddie Irvine sells Venetian Islands spec home for $17M
Joseph Beard and Apogee at 800 South Pointe Drive, Miami Beach (Google Maps)
Westdale CEO sells Miami Beach condo for $16M
Westdale CEO sells Miami Beach condo for $16M
2001 Lake Avenue, Miami Beach (Google Maps)
Private equity partner buys Sunset Islands waterfront mansion for $11M
Private equity partner buys Sunset Islands waterfront mansion for $11M
34 Star Island Drive (Google Maps, iStock)
Star Island buyers flip waterfront home for $21M
Star Island buyers flip waterfront home for $21M
Ian Bruce Eichner and his unit
Eichner sells his Continuum South Beach penthouse for $35M
Eichner sells his Continuum South Beach penthouse for $35M
The Goodtime Hotel with Pharrell Williams and (from top) David Grutman, Michael D. Fascitelli and Eric Birnbaum (Getty, Alice Gao)
Pharrell’s Goodtime Hotel opens in Miami Beach
Pharrell’s Goodtime Hotel opens in Miami Beach
Troy Martin Cox and 5191 Pine Tree Drive, Miami Beach (Google Maps)
Former biotech CEO buys waterfront home on Pine Tree Drive for $12M
Former biotech CEO buys waterfront home on Pine Tree Drive for $12M
arrow_forward_ios

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

Loading...