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
34 Star Island Drive with Albert Justo, Stacy Robins and Mirce Curkoski (Redfin)

Former Star Island residents return, buy $12M waterfront home

Former Star Island residents return, buy $12M waterfront home
1510 West 25th Street, Valerio Morabito (inset) and Gianluca Vacchi (Getty, Douglas Elliman)

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge funder sells South Beach PH at a loss

Billionaire hedge funder sells South Beach PH at a loss
Faena Hotel Miami Beach and Eau Palm Beach (Faena, Eau Palm Beach)

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds
(iStock)

South Florida by the numbers: From the Big Apple to the Magic City

South Florida by the numbers: From the Big Apple to the Magic City
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
6380 north bay road with Richard and Barbara Lane (Urdapilletta Real Estate, A Scott/Patrick McMullan/Getty)

Real estate honcho buys waterfront North Bay Road home for $9M

Real estate honcho buys waterfront North Bay Road home for $9M
arrow_forward_ios

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

Loading...