Avra Jain, with Dragonfly Investments, picks up another MiMo motel

They're planning to restore and renovate the 60-key property

TRD MIAMI /
Sep.September 14, 2018 01:30 PM

Former Gold Dust Hotel and Motel Blu and developer Avra Jain

A partnership between Avra Jain and Dragonfly Investments just picked up a motel in the MiMo District – not too far away from Jain’s Vagabond Hotel.

Property records show Jain’s Gold Dust 7700 LLC paid $6 million for Motel Blu at 7700 Biscayne Boulevard, a two-story, 60-unit building next to the cabaret nightclub Gold Rush. The deal breaks down to about $100,000 per room.

Jain wrote that she and Dragonfly plan to restore and renovate the hotel, bringing back its Gold Dust name. The partners financed the acquisition with a $5.5 million loan from Continental Bank.

Ventura 77 LLC, led by hotelier Orlando Valdes, sold the property. He paid $4.2 million for the motel in 2014. It was built in 1957.

Valdes and his wife Gladys have also owned boutique hotels in Miami Beach. In 2015, the couple sold the Orchid House in Miami Beach for $7.5 million.

Jain has been credited with leading new investment in the MiMo District. Her projects along Biscayne Boulevard include the Stephens International Hotel and South Pacific Motel. She’s also working on projects in Hialeah, Overtown and Miami’s Liberty City neighborhood.

Earlier this year, 13th Floor Investments and Tricera Capital unveiled their plans for Paseo Miami, a mixed-use apartment building featuring 294 units, 27,000 square feet of retail/commercial space and more than 500 parking spaces, at 5700 Biscayne Boulevard.


Related Articles

arrow_forward_ios
Miami skyline (Credit: iStock and Wikipedia)

South Florida by the numbers: Super Bowl LIV Impact

Illustration of Developer Bob Zangrillo and a rendering of the project

Bob Zangrillo is out at Avra Jain’s Miami River project

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

Renderings of the project

Proposed project in Dania Beach combines a hostel with recording studio

1310 West Lantana Road

Motel 6 in Lantana sells to Hare Krishna company for $6M

Clockwise from left: AC Hotel Midtown Miami, E11even and the Gabriel Miami (Credit: iStock, Wikipedia)

$1K a night, easy: South Florida hotels score high rates for Super Bowl LIV

Z Ocean Hotel

Developers misrepresented Z Ocean Hotel’s dire finances: judge

321 North Federal Highway and a rendering of the project (Credit: Google Maps)

Dania Beach approves Avid Hotel on Federal Highway

arrow_forward_ios
Loading...