Rumor has it that Vitri South Beach - just north of the “SoFi” neighborhood (ICON, Murano Grande, Apogee) is returning deposits and considering a change of use to a hotel. From what I know the units on the lower end of the price range sold well, but the penthouses, which were priced @ $1100 p.s.f., were not moving. The 66 residence low-density development is being developed by Leviev-Boymelgreen (Marquis in downtown Miami and many other projects in the New York City area). Pricing started in the $600Ks and up.
It has been confirmed that the developers of the Savoy South Beach, located at 455 Ocean Drive in SoFi, have decided NOT to go forward with the project. The 112 unit project which called for 30 oceanfront residences, 57 condo-hotels and 24 lofts (at another location) will be renovated and continued to be run as a hotel. The developer is CMA companies and Broker was Elliman Florida, who brought on NYC power-house broker Dolly Lenz to help market the project.
Categories: Condo Hotels, Miami Real Estate, Real Estate News, South Beach/SoFi
Subscribe in a Reader
Subscribe via Email
June 28th, 2007 at 1:30 pm
>
I’ve been wondering about this ever since you posted it last week. I’m really scratching my head trying to figure out exactly what they feel the attraction of a hotel in this location would be. It’s not ocean-front or bay-front; it’s not close to the clubs or Lincoln Road or the Convention Center; who would it cater to?
Of the hotels I know about that are or were west of Washington Avenue but not on Biscayne Bay, there’s only been a couple that were successful. The most prominent one was the original Boulevard Hotel that was at the corner of Meridian and Dade Boulevard (which I assume catered to golfers). It was around for maybe 50 years or so.
But, this has me wondering how well a hotel would do in that location.
June 28th, 2007 at 7:33 pm
Joseph,
I can’t tell you what the developers were/are thinking. It is probably one of the worst locations on Miami Beach. I couldn’t imagine that they would expect that anyone would want the headlights from the flyover in their residence all night.
I don’t really see any type of residential or hotel doing well there. Retail was the perfect use for that land.