French firm partnering with Spanish hotel group to rebuild historic downtown Miami hotel

Dream Downtown LLC paid $9.2M for the Dade-Commonwealth building in 2015

Marc Rahula-Matutes and Gilbert Benhamou
Marc Rahula-Matutes and Gilbert Benhamou

Paris-based Immocorp Capital is moving forward with its plans to build a new hotel in downtown Miami and is bringing on a Spanish hotel group as a partner, The Real Deal has learned.

Dream Downtown Miami LLC filed a permit for a new 168-key hotel at 139 Northeast First Avenue, according to the city’s building department. The company, led by Immocorp Capital, paid $9.2 million for the seven-story Dade-Commonwealth building in 2015.

Immocorp principal Gilbert Benhamou said that OD Hotels, a Spanish hospitality group with a number of properties in Ibiza, is partnering with the developer on the project, to be called OD Miami.

When the original building was built in 1925, it was the tallest in Miami at 17 stories high. But it was severely damaged in the 1926 Miami hurricane, Benhamou said. He plans to rebuild the building as it was originally, demolishing it but keeping the three-story facade. The permit shows it will have 20 stories, which includes the roof and mechanical equipment.

Construction will begin in the first quarter of next year. The hotel will include a restaurant on the mezzanine level, a bar, and a rooftop pool, restaurant and bar. The total project cost is between $55 million and $60 million, according to Benhamou. Charles Benson Architect and Richard Heisenbottle are designing the project and Hogan Brothers is the general contractor.

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It will mark the first OD Hotels property in the U.S. Marc Rahola is founder and CEO of Ibiza-based OD Group, a holding company that owns hotels, construction and engineering companies, and real estate. Benhamou said an undisclosed Spanish restaurant will manage the rooftop food and beverage.

A number of developers have purchased property in the Flagler Street area of downtown Miami, led by Moishe Mana.

Stambul opened the Langford Hotel in 2015 after an extensive renovation and redevelopment of the historic Miami National Bank property at 121 Southeast First Street. The firm is also restoring the Old United States Post Office and Courthouse nearby and doing interior work to the historic Walgreens at 200 East Flagler Street.