Developer completes Edgewater assemblage for Urbanica Hotel
Urbanica spent $15.3M on the properties since October
UPDATED, Feb. 26, 9:10 a.m.: Urbanica Management completed an assemblage in Edgewater where the company is planning to build a 220-room hotel.
Urbanica Management, led by Charlie Porchetto and Diego Colmenero, paid $7.3 million for the adjacent lots at 3023 Biscayne Boulevard and 3030 Northeast Fourth Avenue, adding to the land it acquired in October at 3200 Biscayne Boulevard $7.95 million.
Coldwell Banker’s Rosy Cancela represented the seller, Biscayne Edge Inc., as well as the buyer. Biscayne Edge, controlled by Alberto Mariano Erviti and Caridad Crispina Gonzalez, paid $5.9 million in 2015 for the two lots, which include El Otro Tiesto, a Dominican-Japanese restaurant.
The developer plans to break ground on the hotel this year. The project will have about 5,000 square feet of retail on the ground floor and a 7,000-square-foot rooftop bar and entertainment space, Porchetto said last year.
The development firm, which owns Urbanica The Meridian Hotel in Miami Beach, also plans to expand in South Beach and to Chicago, according to a press release.
Across the street at 3000 and 3050 Biscayne Boulevard, Crescent Heights is moving forward with plans to build a major mixed-use project on more than 5 acres of land with up to 754 residential units, nearly 269,000 square feet of office space, about 17,000 square feet of retail space, a 38,450-square-foot grocery store, parking and fitness space. The developer recently requested the city replat those properties.