Blue Road lists South Beach hotels and Miami River land for $36M
Properties can be sold together or independently
Two hotels and a development site in South Beach and the Miami River hit the market for a combined $35.5 million, according to the listing broker.
The properties are all tied to Blue Road, a Bay Harbor Islands-based investment, management and development firm, records show. Susan Gale of One Sotheby’s International Realty is listing the properties, which include the Casa Hotel for $11 million, the Greenview Hotel for $15 million, and the lot at 600 Northwest Seventh Avenue for $9.5 million.
Gale said the hotels and lot can be sold independently or together. Different investors from Argentina own the properties, and they are looking to invest in larger projects, Gale said. Blue Road is the management company for all of them.
Blue Road, led by Jorge Savloff and Marcelo Tenenbaum, recently paid $14.4 million for the Sanctuary Hotel at 1745 James Avenue in Miami Beach.
The Casa Hotel, at 1334 Washington Avenue in Miami Beach, has 32 rooms, and a 50-seat restaurant and bar with a liquor license. The 12,648-square-foot building sits on a 5,865-square-foot lot. It was developed in 1925 and was recently renovated with new elevators, central air conditioning, and new windows and doors, Gale said.
The Greenview, at 1671 Washington Avenue in Miami Beach, is a 45-room, 16,103-square-foot hotel that was built in 1939. The Art Deco property is across the street from the New World Symphony’s New World Center. It sits on a 7,500-square-foot lot. It was renovated last year.
“It’s pretty hard to find two properties priced so well,” Gale said, adding that the sellers are “realistic.”
The Miami River property, on Northwest Seventh Avenue in Miami, is more than an acre of land with 400 feet on the water. Blue Road planned to build a 240,000-square-foot commercial project with restaurants, boat slips and covered parking, according to the company’s website.
On the other side of the river, less than half a mile away, developer Avra Jain and her partners are planning 555 Riverhouse, a mixed-use project with a hotel, condos and office space.