Sons of “love hotels” magnate set to redevelop part of real estate portfolio

Lured by demand in western Miami, heirs of "Executive Fantasy" plan multifamily housing

TRD MIAMI /
Mar.March 18, 2019 01:32 PM

4601 Southwest 8th Street, Coral Gables and a rendering of the proposed project (Credit: Stevens T. via Yelp)

The heirs to a popular chain of couples’ hotels are planning to redevelop one of their Miami properties into a 96-unit apartment building, signaling the continuing attraction of multifamily investments in the city’s outer neighborhoods.

Applicants Julio del Rey, Jr. and Jorge del Rey filed plans with the city of Miami last week to build an eight-story multifamily project on the site of the Jamaica Motel at 4601 Southwest 8th Street between 47th and 46th avenues.

The two developers are the sons of Julio del Rey, Sr., who bought the Jamaica in 1995, records show. He is the proprietor of Executive Fantasy, a line of hotels that offer guests short-term stays, including hourly, in rooms equipped with Jacuzzis and private driveways. Some of the hotels are referred to as “love hotels” on the company’s website.

Miami has seen hundreds of new rental units enter the pipeline this cycle, many clustered downtown, in Brickell, Little Havana and Flagami, like developer Robert Suris’s 330-unit Soleste Blue Lagoon on Northwest 7th Street, set to open this year.

Meanwhile, the rental supply along the western stretch of “Calle Ocho” has remained thin, which the del Rey family hopes will put them in a prime position.

“We are looking to respond to the large demand for workforce rental housing in the Miami market,” the brothers said in a statement. “After evaluating our existing portfolio, we concluded that redeveloping this property in particular offers the best opportunity for us to achieve that goal.”

Aside from the Jamaica, the del Reys also own the Executive Tropic Garden and the Executive Grand Emperor, both further out along Southwest 8th Street. They said they have no plans to redevelop any of their other hotel properties right now.

The two developers are the brothers of Miami-Dade Circuit Court Judge Marcia del Rey, who was elected to office in 2016. The brothers said the judge does not have an ownership stake or financial stake in the property, nor in its development.


Related Articles

arrow_forward_ios
2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

AquaBlue Group owner lists South Beach apartments for $14M

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator

Daily Digest Miami

Canadian investment group pays $103M for Lauderdale Lakes apartments, Macy’s warns of weak holiday sales

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Canadian investment group pays $103M for Lauderdale Lakes apartments

900 Southwest Seventh Street and a Calle Ocho rooster (Credit: Google Maps, Phillip Pessar | Flickr)

Apartment building in Little Havana flips for $6M

LeBron James with a rendering of Unknwn Wynwood (Credit: Getty Images)

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

arrow_forward_ios