UPDATED, April 14, 9:10 a.m.: Miami Beach hotelier Ronny Finvarb closed on the site of a planned boutique hotel on Alton Road.
Finvarb’s Sobe 18 LLC paid $4 million for the 10,200-square-foot property at 1790 Alton Road in Miami Beach, he said. There, he plans to build a 36-key hotel with a restaurant on the ground floor.
Property records show 1790 Alton Holdings LLC sold the lot. The company is led by Nathanael J. Cohen, Yonel Fellous and Athea Steven. The property previously traded for $1.2 million in 2011.
Finvarb said he’ll submit a proposal to the city soon and expects to begin construction next year.
Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Sandelin Group represented the seller and buyer.
According to a listing for the property, the site was previously approved for a five-story commercial/retail building with 30 parking spaces and a roughly 8,000-square-foot ground floor commercial space.
Finvarb’s portfolio includes the Kimpton Hotel Palomar South Beach at 1750 Alton Road, where the restaurant Osteria Morini Miami Beach recently opened. It’s across the street from the development site he just purchased. His properties also include the Residence Inn by Marriott South Beach, Thompson South Beach, and Courtyard by Marriott South Beach. The company also owns hotels in Dania Beach; Jupiter; Tallahassee; Melbourne; Texas and Arizona, according to its website.
In March, Finvarb and minority investor Art Restaurants paid $11 million for the JB’s on the Beach oceanfront restaurant site in Deerfield Beach.