Gencom has sold the Ritz-Carlton Coconut Grove for $24.63 million. About $214,000 per room, to Hersha Hospitality Trust.
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The property, which has 150 feet of waterfront, was approved by Bay Harbor Islands for a 30-unit, eight-story building with a pool and cabanas called Akua. The asking price breaks down to $361,800 per approved unit, and about $217 per square foot for the planned 49,909-square-foot building.
The land comes with plans for a project that was designed by Frankel Benayoun Architects, led by architect Markus Frankel. Frankel is designing a number of boutique projects in the two-island town, which has been flooded with proposals for roughly 30 new condo and townhouse projects. Commercial and multifamily development is only allowed on the east island.
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Bal Harbour Mayor Gabriel Groisman made the announcement at Tuesday night’s Village Council meeting, saying he had received a letter from Whitman Family Development withdrawing its proposal and requesting a meeting where new expansion plans could be discussed. Whitman Family Development submitted new plans last Friday for a planned expansion of Bal Harbour Shops. Grossman said his initial impression was that any new plan “would be a smaller plan than before.”
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This was the second time Deco Capital Group had proposed a height increase for eight lots it acquired in 2014 for $14 million. New York-based RWN Real Estate Partners, backed by billionaire Marc Rowan, is a majority partner in the venture. The planned building would have had 15 luxury condos on top of premium retail, overlooking Maurice Gibb Park.
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Landlords and real estate brokers planning to rake in rent money from pot dispensaries, in the wake of Florida voters approving medical marijuana by 71 percent, will have to wait a little longer in Miami Beach.
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