• Ronny Finvarb pays $19M for Citibank building in South Beach, plans hotel

    Developer Ronny Finvarb paid $19.2 million for a Citibank branch building in South Beach where he plans to build a 150-room hotel, sources told The Real Deal.

    The Finvarb Group bought the property at 1685 Washington Avenue, which is across the street from the New World Center and the Fillmore Miami Beach. It hit the market in January with CBRE’s Paul Weimer and Christian Charre.

    Citibank sold the 7,384-square-foot building, which sits on a 30,000-square-foot corner lot. The bank will remain open throughout construction and remain a tenant of the future development, according to sources. The site is zoned CD-3 for high-density commercial development, which means up to 82,000 square feet can be developed on the property.

    Records show Citibank bought the property in 1995 for $2.03 million. It’s within walking distance of the Miami Beach Convention Center, which is in the midst of a renovation and expansion. Voters rejected a ballot measure last year that would have allowed for a convention center hotel.
    (more…)

    Read More
    0 632