Urbanica completes $9M assemblage for Edgewater hotel

Developer spent $8.5M assembling hotel site

Miami /
Dec.December 04, 2020 08:45 AM
Diego Colmenero and Charlie Porchetto from Urbanica plan to break ground on Edgewater hotel (Urbanica)

Diego Colmenero and Charlie Porchetto from Urbanica plan to break ground on Edgewater hotel (Urbanica)

The developer of a 12-story hotel in Miami’s Edgewater neighborhood completed the assemblage with plans to break ground on the project next year. 

Urbanica Management closed on the two lots at 237 and 229 Northeast 32nd Street for $3.3 million, bringing the total spent on the assemblage to $8.5 million. Urbanica, led by Charlie Porchetto and Diego Colmenero, also bought 3200 Biscayne Boulevard for $5.2 million in 2018

The company previously acquired 3023 Biscayne Boulevard and 3030 Northeast Fourth Avenue for $7.3 million, but that is for a separate project. 

The developers said they will break ground on the 220-key hotel, which is across the street from Crescent Heights’ planned major mixed-use Nema Edgewater project, next year. 

Stefano Santoro

Stefano Santoro

Stefano Santoro of Current Real Estate Advisors brokered the most recent deals for 237 and 229 Northeast 32nd Street. He was with Apex Capital Realty when it went under contract.

Urbanica is expecting to complete the Edgewater hotel by the end of 2022. It will include two floors of parking with 150 spaces, a rooftop pool and gym, a game room and a 4,000-square-foot Japanese restaurant.

 

Nearby in Edgewater, Two Roads Development listed its Elysee sales center for $6 million in  August. Earlier this year, Javier Cervera sold 11 commercial condos at 1800 Biscayne Plaza for $15.5 million.  

 






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