Ocean Drive short-term rental property hits the market for $12.9M

Property comes with redevelopment plans for a 28-room hotel with a rooftop deck and sun terrace

TRD MIAMI /
Sep.September 26, 2016 04:30 PM

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.


Related Articles

arrow_forward_ios
Daily Digest Miami

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

Rendering of Ten30 and Masoud Shojaee

Shoma Group launches lower-priced condo project near Lincoln Road

Condo at Glass Miami Beach sells at 15% loss

The Julia hotel, Jesper Arnoldsso

SMS Lodging lists Miami Beach hotel after selling another for $21M

Ritz-Carlton Residences Miami Beach

Dialysis exec nabs condo at Ritz-Carlton Residences Miami Beach

1835 West 27th Street and Oren Alexander

Venezuelan oil tycoon lists waterfront Miami Beach mansion for $17M

Miami Beach Mayor Dan Gelber and Natalie Nichols home at 1531 Stillwater Drive (Credit: Getty Images)

Miami-Dade judge strikes down Miami Beach short-term rental ban

Daily Digest Miami

Soffer in talks to buy Diplomat resort in Hollywood, 1-800 PetMeds founder sells Miami Beach house: Daily digest

arrow_forward_ios