Ronny Finvarb sells 5th Street lot in South Beach for $6M

Finvarb had purchased it for $1M or $111 psf in 2011

Jun.June 12, 2017 03:45 PM

803 Fifth Street and Ronny Finvarb

Ronny Finvarb just sold a vacant lot on Fifth Street in South Beach for $5.965 million  six times the price he paid six years ago, The Real Deal has learned.

The 9,000-square-foot property at 803 Fifth Street, at the corner of Meridian Avenue, can be developed for commercial use. It sold for $667 per square foot.

SOBE 5, LLC, led by Finvarb, sold the property to The Fifth Hotel LLC, Finvarb told TRD. The buyer is linked to Urbanica Management, led by Carlos Porchetto and Roberto Colmenaro. Finvarb said the investors intend to develop a small hotel.

Finvarb’s entity provided a $2 million mortgage, he said. The sale and mortgage have not yet been recorded by Miami-Dade County.

Metro 1’s Peter Andolina brokered the sale.

Records show Finvarb purchased the lot for $1 million or $111 per square foot in June 2011. He said the land is currently leased to a construction company on a short-term basis.  

My intent was to land-bank the property and sell it since I typically develop larger properties,” said Finvarb, principal of the Finvarb Group, via email. 

Among the Finvarb Group’s projects is the future Kimpton Hotel Palomar South Beach at 1750 Alton Road, which is planned to open in the fourth quarter of 2018. The property was the former site of a Boston Market, which was demolished last year. Owned and developed by the Finvarb Group and designed by Kobi Karp with Permuy Architecture as the architect of record, the hotel will span five stories and 96 rooms surrounding a central atrium. It will also feature a rooftop pool and a new signature restaurant overlooking Collins Canal. Two weeks ago Finvarb nabbed a $27.6 million construction loan for the hotel.

The site is next to the Marriott Residence Inn South Beach, which Finvarb Group also developed. It opened in March of last year.

The Finvarb Group, whose principals are Ronny and Richard Finvarb, was founded nearly 40 years ago. The company has developed real estate projects including hotels, high-rise condominiums, multifamily apartment buildings, single-family developments, office buildings and retail, according to the group’s website.

Related Articles

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Continuum South Beach unit 606 and Dan Buettner (Credit: Douglas Elliman)

Is it the water? Longevity expert buys Continuum South Beach condo

Steve Klein, David Berg and 1200 Ocean Drive 

Infinity sells Ocean Drive building to Apple Core for $33M

Rendering of 119 Washington Avenue, Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate (Credit: Palma Architecture)

South Beach building near Joe’s Stone Crab hits market for $45M

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Monty’s Miami Beach

Suntex Marinas is trying to evict Monty’s from Miami Beach property