Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach

Her company paid $10.5M for the building in 2016

Silvia Coltrane and 7300 Collins Avenue (Corcoran, Google Maps, Manolos)
Silvia Coltrane and 7300 Collins Avenue (Corcoran, Google Maps, Manolos)

Silvia Coltrane sold a commercial building in North Beach leased to the Argentine restaurant Manolo to a company tied to Haim Yehezkel’s Elysee Investments.

Records show Coltrane, a developer and broker, sold the property at 7300 Collins Avenue to 7300 Collins Investment LLC for $8 million. The buyer financed the deal with a $5 million loan from Valley National Bank.

Coltrane’s Collins and 73rd Developers LLC paid $10.5 million for the corner building in 2016, which means she sold the property at a loss. Elysee Investments owns other real estate in the area.

The 12,700-square-foot, single-story building sits on a 15,000-square-foot lot.

Coltrane said she previously planned to build a small mixed-use project with a residential component on the site. “We had acquired the property with the plan to develop it, and we had our plate full, [so] we decided to go ahead and sell it,” she said.

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The property is near Alex Blavatnik and Sandor Scher’s Ocean Terrace development, a planned mixed-use project with a hotel, residential, retail and parking components.

Coltrane also owns the retail buildings in the 7100 block of Collins Avenue, where she’s planning to build a mixed-use hotel. Last year, Lion Financial filed a $14.2 million foreclosure suit against Coltrane’s Collins and 72nd Developers LLC, the South Florida Business Journal reported at the time. Coltrane said she is working with her lender and plans to build a micro-unit hotel with retail space.

More than a year ago, she joined the Corcoran Group. Her Real Estate Transactions office in Surfside became a Corcoran outpost.

A number of projects are planned in North Beach, a Miami Beach neighborhood north of 63rd Street and south of Surfside. In the fall, developer Aria Mehrabi secured approval from the Miami Beach Design Review Board for a residential and retail development in North Beach.