The development site of a boutique condominium in Miami Beach has sold for $5.05 million, and could be developed into a hotel.
Tzadik Management sold the site of NoBe House, a 24-unit project on the corner of Harding Avenue and 85th Street, to Aventura-based Stark Development LLC. Tzadik broke ground on the project in April 2014.
Tzadik founder and managing director Adam M. Hendry signed the transfer of ownership. The Miami-based firm, which specializes property management, development and capital markets, paid about $2.7 million for the parcels in 2013. At the time, the 0.45-acre property housed two low-rise apartment buildings built in 1950 and 1951. Photos of the site from last year show the shell of those buildings remain.
Fortune International Realty agent Michael Davalos represented the seller. Davalos told The Real Deal that after working with the city of Miami Beach, the developer realized the site was better suited for a hotel. He declined to comment on the buyer’s plans, but said that with the potential for a hotel, “the value increased dramatically.”
The site is in North Beach, which has seen a handful of new residential projects. Nearby, New York-based Sterling Holdings is building a luxury apartment building at 8204 Harding Avenue. And Miami-based 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.