The recent sale of a residential building at 2618 Collins Ave. in Miami Beach for $27 million signals a significant shift in the city’s hospitality industry. The building, previously known as Prince Michael Condominium, housed 88 units and was acquired several years ago by 2618 Collins Capital Holdings LLC. This group, managed by a team including New York-based attorney Eric Berliner, Avi Dishi, Eli Dadon, and Richard Waserstein, has strategically bought individual units in anticipation of this redevelopment project. Their vision is now being passed on to the new owners, TA Hotel Management Group LLC, under the management of Jorge M. Bravo of the Holidays Network Group, based in Winter Park.
This property transaction involved a $35.25 million mortgage from Western Alliance Bank, partly financing the construction of the new hotel. Property data firm Vizzda confirmed the buyer and seller details in this transaction.
Initially built in 1951, the building at 2618 Collins Ave. has a significant history in Miami Beach. In 2018, the condo association initiated a process to convert the building into a hotel, requiring extensive renovations. The Historic Preservation Board approved this conversion, allowing for the creation of 107 hotel rooms along with additional improvements like a new roof and pool.
The timing of this redevelopment aligns with a surge in Miami Beach’s hotel sector. Hotel room rates in the city have reached an all-time high, indicating a strong demand for quality accommodations. The property’s strategic location, occupying a 25,570-square-foot lot opposite Indian Creek, offers a prime opportunity to capitalize on this growing market. Its proximity to the creek provides potential guests stunning views and places them in the heart of Miami Beach’s lively atmosphere.
The redevelopment of 2618 Collins Ave. is more than just a property transaction. It represents a blend of Miami Beach’s past and its future. The building, once a symbol of residential living in a bygone era, is set to become a modern retreat. It’s anticipated to cater to tourists and locals, providing high-quality lodging options in a city where demand for such services is escalating.
This development is also in line with Miami Beach’s broader goals. The city, known for its distinctive Art Deco architecture and rich cultural diversity, continuously seeks to bolster its status as a global tourist destination. This project contributes to the city’s ongoing efforts to blend its rich heritage with modern luxury by transforming a historic property into a contemporary hotel.
As construction plans take shape, anticipation is building among locals and visitors. The hotel is expected to offer top-notch accommodations and contribute significantly to the local economy. It is poised to create job opportunities, boost tourism, and add to the city’s vibrant hospitality scene.
The sale and planned redevelopment of the property at 2618 Collins Ave. are a significant milestone for Miami Beach. They reflect the city’s dynamic nature, where history and modernity converge to create something exceptional. As Miami Beach continues to grow and evolve, this new hotel development underscores the city’s endless potential and commitment to remaining a premier destination for travelers worldwide.
