A Surfside-based developer just added another property to her growing portfolio with long-term redevelopment plans.
Collins and 73rd Developers LLC, led by Silvia Sabanes Coltrane, paid $10.5 million for the corner building at 7300 Collins Avenue in the North Beach neighborhood of Miami Beach.
Coltrane told The Real Deal she has no immediate plans for the building, but said that it is across from a 179-room hotel with ground-floor retail she’s developing.
Eventually, Coltrane said she wants to acquire more of the surrounding land. “The idea would be to develop in the future, with retail on the ground floor, flex office space above that, and perhaps some residential on the upper floors,” she told TRD.
Andre Korokakos and Panagiotis Peter Korokakos sold the 12,652-square-foot building, which was built in 1972. The property sits on a 15,000-square-foot lot. The Korokakos’ have held onto the building for about 30 years. Records show they paid $575,000 for the property in 1986.
Manolo, a Latin American restaurant, is a tenant.
Coltrane is active in North Beach, Surfside and Miami Beach. In January, a partnership led by her bought four contiguous buildings on 71st Street and Collins for $12 million. And Coltrane’s Transacta Developers recently completed a Residence Inn by Marriott in Surfside, with a grand opening slated for August.
The Manolo building is a block away from Ocean Terrace, which will soon see a significant amount of development. The North Beach master plan, unveiled in June, calls for the creation of a town center along 71st Street, enhanced protection for architecturally significant MiMo buildings, developing vacant land, and more.
“I believe in North Beach and the future of North Beach,” Coltrane said.