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

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
4412 North Bay Road
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
Oceana Key Biscayne at 360 Ocean Drive, Key Biscayne
Miami-Dade condo sales and volume dip in second week of June
Miami-Dade condo sales and volume dip in second week of June
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
HFZ’s Ziel Feldman with the Shore Club (Getty, Facebook via Shore Club)
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
Chris Lorenzen and Richard W. Gray III with Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, DJR Enterprises, Apogee Condo South Beach)
Securities trading CEO buys Apogee condo in South Beach for $12M
Securities trading CEO buys Apogee condo in South Beach for $12M
Palazzo Del Sol (7000 Fisher Island Drive, Fisher Island) (Google Maps)
$19M Fisher Island PH leads weekly condo sales
$19M Fisher Island PH leads weekly condo sales
The Clevelander South Beach (Getty)
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Steven, Lauren and Zach Witkoff with the Ritz-Carlton Residences, Miami Beach (Getty, Witkoff, Ritz Carlton)
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
arrow_forward_ios

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

Loading...