SoBe hotel under construction asks $11M

Developer completed the underground parking and foundation

TRD MIAMI /
Aug.August 27, 2018 09:46 AM

Rendering of 411 Michigan Avenue and Gianfranco Rondón

A Venezuelan businessman is sticking to the non-real estate businesses he knows – and is looking to sell a hotel under construction in Miami Beach’s South-of-Fifth neighborhood.

RG Michigan 2014 LLC, led by Gianfranco Rondón, hired Jeff Cohen of Brown Harris Stevens to list the partially developed boutique hotel at 411 and 419 Michigan Avenue for nearly $11 million. Rondón has reportedly had his hand in the cellular phone accessories business, satellite technology and solid waste in Venezuela. He has spent about $5 million for design and construction on the hotel project so far, Cohen said.

Property records show Rondón’s company spent $4.25 million on the 14,000-square-foot site in 2014, and $3.6 million on the adjacent 7,000-square-foot site in 2016. Kobi Karp Architecture and Interior Design designed the boutique hotel, which includes a ground floor restaurant and bar.

The developer completed the underground parking and foundation for the hotel and paid the city’s impact fees. Cohen said the buyer can move forward with plans for a 39-key hotel, or build more micro units. The property could also be developed into a condo or office building, and a buyer could also transfer development rights from the adjacent property.

Last year, Ronny Finvarb sold a vacant 9,000-square-foot lot at 803 Fifth Street, for nearly $6 million, or about $670 per square foot, to Urbanica Management to build a boutique hotel.

In June, Baskir Capital Management paid $15.25 million for a retail building leased to the Brazilian steakhouse Fogo de Chao nearby at 836 First Street.


Related Articles

arrow_forward_ios
Renderings of the project

Proposed project in Dania Beach combines a hostel with recording studio

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Amir Zwickel and a Showfields store

Showfields to bring new retail concept to Lincoln Road

David Arditi of Aria Development Group and 321 Ocean

Condo association alleges construction defects at 321 Ocean: lawsuit

Julian Cohen and a rendering of the project

Felix and Julian Cohen propose waterfront spec mansion on North Bay Road

1452 Washington Avenue (Credit: Google Maps, iStock)

Spanish investor buys mixed-use building near Española Way

Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud

Russell Galbut and the Shelborne South Beach

Russell Galbut, WP Carey sell Shelborne South Beach

arrow_forward_ios
Loading...