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

TRD MIAMI /
Dec.December 20, 2018 11:30 AM

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.

 
 

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.


Related Articles

arrow_forward_ios
The Julia hotel, Jesper Arnoldsso

SMS Lodging lists Miami Beach hotel after selling another for $21M

Ross Dress for Less

Ross Dress for Less signs lease at historic former Burdines building in downtown Miami

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

Jeffrey Soffer and the Diplomat Beach Resort (Credit: Getty Images)

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report

Cavalier and Henrosa hotels with Susan Gale of One Sotheby’s International Realty

Two South Beach hotels hit the market for $42M

235 Southeast 1st Street, Mika Mattingly and Cecilia Estevez

Downtown Miami office building hits market, brokers expect sale price to top $30M

From left: Santiago Vanegas, Harvey Hernandez, David Arditi, and Russel Galbut

In a sluggish condo market, these Miami developers find a sweet spot

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

arrow_forward_ios