The units are individually owned under a Condominium form of ownership. Upon the closing of the purchase, the new owners would collapse the condominium and operate it either as a hotel or as a short term rental asset. Short term rentals are allowed under the current zoning. They are currently prohibited by the Condo Bylaws. The zoning allows for many uses, retail, hospitality, apartments, and hotel are the uses allowed “as of right” per the current zoning. The property was built in 1960 and is considered historical as It is a Mid-Modern architecture. The zoning allows for up to 5 stories but the façade of the building would have to be restored as is. This is a redevelopment play to either operate the existing 26 units as an ab&B or to convert to 50 high end hotel suites
|DAYS ON MARKET||605||LAST UPDATED||1/18/2020|
|YEAR BUILT||1960||COUNTY||Miami-Dade County|
|Prior to Oct 25, '18||$11,900,000|
|Oct 25, '18 - Jan 18, '20||$12,500,000|
|Jan 18, '20 - Today||$11,000,000|
|ACREAGE DESCRIPTION||1/4+ To 1/2 Acre|
|BOARD IDENTIFIER||A-Miami Association of REALTORS|
|DOOR HEIGHT||Door Ht 0-8'|
|ELECTRIC SERVICE||Other Electric|
|FOR SALE YN||1|
|LISTING TYPE||Exclusive Right to Sell/Rent|
|PARKING DESCRIPTION||Free Parking|
|PROP TYPE TYPEOF BUILDING||Condominium, Hotel/Motel|
|SHOWING INSTRUCTIONS||Call Listing Agent, Call Listing Office|
|STYLEOF PROPERTY||Hotel Non-Waterfront|
|TERMS CONSIDERED||All Cash, Conventional/Refinance|
|WATERFRONT PROPERTY YN||0|
|YEAR BUILT DESCRIPTION||Resale|
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