The Real Deal Miami

Blue Road buys Miami Beach rentals, plans boutique hotel

Blue Road paid $14M for the 32-unit building
By Katherine Kallergis | March 02, 2018 05:30PM

Park Terrace apartments and Marcelo Tenanbaum and Jorge Savloff

UPDATED, 1:30 p.m., March 7: Blue Road just picked up another apartment complex in Miami Beach with plans to convert it into a boutique hotel.

Blue Road, led by Jorge Savloff and Marcelo Tenenbaum, paid $14.27 million for Park Terrace, a 32-unit apartment building at 355 19th Street.

Jobrotam Development, led by Diane Eisenberg, and the Milton and Seymour Binkov family trusts, with John Binkov, Susan Binkov and Mary Hempfling acting as trustees, sold the 22,000-square-foot building.

Marcus & Millichap’s Joseph Thomas, Adam G. Duncan and Brett McMahon represented the seller.

The two-story building was built in 1951 with a swimming pool and courtyard. Blue Road, which now owns 13 hotels in Miami Beach, will also add a food and beverage component to the Park Terrace property. It’s about two blocks away from the Miami Beach Convention Center, which is being renovated and expanded. The company paid $13 million for the Sadigo Court Hotel in 2016.

Nearby, the Chetrit Group is building a 296-key hotel development called the Collins Park Hotel. When completed, that project will feature a signature restaurant, four bars and three pools.

An earlier version of this story incorrectly identified the seller.