3H Group Hotels buys dev site in Edgewater
Property is currently home to the Peruvian restaurant Limon y Sabor
3H Group Hotels continues to target Miami’s Edgewater neighborhood.
The hotel development firm just picked up a property at 3047 Biscayne Boulevard with approved plans to build a 13-story hotel with 137 rooms. The company, led by developer Hiren Desai, is also building an AC Hotel by Marriott just a couple of blocks north with partner Aztec Group.
Records show Biscayne Point Lodging LLLP paid $7 million for the 20,240-square-foot lot. The property, which is currently the site of the Peruvian restaurant Limon y Sabor, was on the market for $8.75 million.
The seller, Prime Biscayne Property LLC, is led by Kevin, Roy and Ronald Faith of Faith Investment Properties Group. FIP also owns the Soho Studios in Wynwood, one of the largest event spaces in Miami.
In June, Miami’s Urban Development Review Board approved a proposal submitted by the seller, which called for a 147,363-square-foot hotel with a pool, tiki lounge and indoor lounge. Plans also feature about 6,900 square feet of commercial space, 10,575 square feet of office space and about 3,700 square feet of open space. Architect Kobi Karp designed the project.
3H Group, formed in 2000, is headquartered in Chattanooga, Tennessee. In South Florida it also owns the 151-unit Hampton Inn & Suites Miami Midtown at 3450 Biscayne Boulevard.
Edgewater continues to explode with new residential construction, including four Paraiso towers, Biscayne Beach, Elysee Miami, Aria on the Bay and Missoni Baia.