A short-term rental property on Ocean Drive in South Beach has hit the market for $12.9 million, with redevelopment plans to upgrade it to a boutique hotel.
The two-story, 7,631-square-foot Art Deco building, at 334 Ocean Drive, was just listed by Nelson Gonzalez, senior vice president of EWM Realty International.
He told The Real Deal that the architectural plans, partially approved by the city, would create a 28-room hotel with a rooftop deck and sun terrace.
The South-of-Fifth site is half a block away from the Marjory Stoneman Douglas Ocean Beach Park. It’s close to many restaurants, including Prime 112, Joe’s Stone Crab, Nikki Beach, TiramesU and others.
The building, formerly called the Blue Ocean Hotel, was purchased in May 2011 for $2.5 million. It had been listed for $7 million. Built in 1941, it has gone through several renovations.
Miami-Dade property records show the owner as Hilma LLC. Gonzalez said it is a family of local investors.
The South-of-Fifth neighborhood is in the midst of a transformation. New luxury developments are in the works, including Related Group’s recently completed One Ocean, Mast Capital’s Louver House, JMH Development’s Three Hundred Collins and One Realty Capital’s SoFi House.