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Billionaire’s hospitality group buys Peacock Garden in Coconut Grove

Developer Ricardo Dunin and restaurateur Lalo Durazo sold the space for $1,500 psf

From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)
From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)

UPDATED, July 28, 1:40 p.m.: Mohari Hospitality, the investment group led by PokerStars billionaire Mark Scheinberg, bought the Peacock Garden cafe property in Coconut Grove, The Real Deal has learned.

Mutiny on the Park, led by developer Ricardo Dunin and restaurateur Lalo Durazo, sold the commercial condo at what’s now the Hotel Arya tower for $9.5 million, or nearly $1,500 per square foot, to Mohari Coconut Grove, property records show.

Riviera Dining Group, which Scheinberg’s Mohari took a “significant” minority stake in late last year, will operate AVA MediterrAegean out of the space. The restaurant will also have a private space for members called MM Club, according to Riviera Dining Group. Riviera’s other concept is Mila, a restaurant, rooftop lounge and bar in South Beach. The first AVA opened in Winter Park in February.

Mohari Hospitality, Mark Scheinberg’s investment firm, has partnered with Property Markets Group, Greybrook Realty Partners, Four Seasons Hotels and Resorts, Ritz-Carlton and other major hotel companies, according to its website. Scheinberg, and his father, Isai, co-founded PokerStars and sold it to Amaya Gaming in 2014 for $4.9 billion, according to published reports. Scheinberg’s net worth is about $5.3 billion, according to Forbes.

The commercial condo in Miami’s Coconut Grove, a 6,369-square-foot unit at 2889 McFarlane Road, is on the ground floor of the Mutiny on the Park hotel-condo building that Dunin completed in 2001. The restaurant, now called the Peacock Garden Resto Bar & Grill, has a large outdoor space and a separate entrance from Hotel Arya, which was previously known as the Sonesta Coconut Grove.

Felix Bendersky, broker and owner of F+B Hospitality Brokerage, represented the seller. Lee Koniver of Koniver Stern, and Ryan Brodsky of Colliers represented the buyer in the off-market deal.

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The seller was in contract to sell the space to another buyer, but after requesting an extension, the buyer swooped in and closed the deal within two months, Bendersky said.

The deal illustrates strong demand for second-generation restaurant space in Coconut Grove. It also exemplifies the trend of operators buying the real estate for their restaurants instead of leasing, sources say.

“Second-generation spaces are non-existent today and they are highly highly in demand,” Brodsky said.

Durazo, owner of DZO Hospitality, opened the Peacock Garden Cafe in 2011, according to the Miami New Times. He was a former owner of the nearby Jaguar Restaurant at 3067 Grand Avenue.

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Dunin, a former principal of Lionheart Capital who launched his own firm, Coconut Grove-based Oak Ventures, also redeveloped the The Mutiny Hotel around the corner from the Hotel Arya. Most recently, he is partnering with Edgardo Defortuna’s Fortune International Group to develop the Ritz-Carlton Residences in Pompano Beach.

An earlier version of this story misidentified the buyer. 

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Coconut GroveRestaurantsRetailRetail Market