Baywood buys site in Blue Lagoon to build 225-room hotel

Baywood bought the 1.4-acre property for $166 per square foot

1101 Northwest 57 Avenue Miami (Credit: Google Maps)
1101 Northwest 57 Avenue Miami (Credit: Google Maps)

Baywood Hotels paid $10.5 million for part of a lot in the Waterford at Blue Lagoon office park where it has approval to build a 225-room hotel.

Baywood bought the 1.4-acre property at 1101 Northwest 57 Avenue in Miami for $166 per square foot, records show. The seller is Blue Lagoon Development LLC, which is tied to Miguel Mouriz of New American Funding.

The site is vacant except for a run-down building that was formerly a nine-story hotel, records show.

Blue Lagoon Development bought the entire 4.3-acre site for $13.2 million in 2006, according to records.

The office park sits right across from the Florida Turnpike and Miami International Airport. It is home to Burger King’s corporate offices.

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In December, Miami commissioners approved a crucial zoning change that allowed developers to build residential units in the office park. The change enabled the Weiss Group to develop six buildings in Blue Lagoon with a total 888 residential units and 294 hotel rooms.

Columbia, Maryland-based Baywood Hotels is an active hotel developer in South Florida.

In March, Baywood paid $13.1 million for a Red Roof Inn near Miami International Airport.

In October, a company affiliated with Baywood filed plans to build a Residence Inn by Marriott near Miami International Mall in Doral, according to the South Florida Business Journal.

Baywood Hotels owns and operates more than $1 billion in assets, according to its website.