Developer Silvia Coltrane has new partners in her effort to bring a mixed-use development including a hotel to the 7100 block of Collins Avenue in Miami Beach. On Friday, Coltrane and the as yet unnamed investors purchased four lots back from Lion Financial which foreclosed on the property earlier this year.
Coltrane’s proposed hotel was the first new project approved under the North Beach Master Plan. Despite gaining additional FAR (Floor Area Ratio) after voters greenlighted the new Town Center zoning district, she was unable to sign a hotel flag in the still nascent area. Then COVID hit, decimating the tourism and hospitality industry.
In February, a Circuit Court judge ruled in favor of lender Lion Financial in a foreclosure suit against Coltranes’ Collins and 72nd Developers LLC saying it was due $14.2M in unpaid principal and nearly $5M more in interest and real estate taxes. A public auction was scheduled for March 31 but on April 5 Lion Financial took title to the properties at 7121 Harding Avenue, 7124 Collins Avenue, 7134 Collins Avenue, and 7140 Collins Avenue.
“We are excited. We have new venture partners, and are very happy that the project will be able to move forward,” Coltrane told RE:MiamiBeach.
She did not disclose sale price and said she could not name her partners yet but wrote in an email, “They are a very strong privately held company from New York that specializes in acquisitions, financing, asset management and new development. They have substantial real estate assets in different areas in North America. Mainly in the North East.”
Plans for the site remain unchanged. “We will continue with the concept of doing the micro units, condos and retail,” Coltrane said.
As approved, the project includes a 125-ft tall 11-story building connected to a five-story annex. It has 187 hotel rooms and 24 residential units, a 134 seat bar/lounge, and almost 25,000 sq ft of ground floor commercial space.
As to timing, she said, “As soon as possible. The timing is now. We are able to proceed as soon as we finalize the program and finalize the permitting process.”
The brokers on the deal were Samuel Heskiel and Marilina Apfelbaum, Beachfront Realty's Commercial Division.
Rendering: Revuelta Architecture
[Updated May 28 to reflect names of brokers.]
Developer Silvia Coltrane and New Partners Purchase North Beach Site Back From Lender, Plan to Move Forward With New Hotel
Developer Silvia Coltrane and New Partners Purchase North Beach Site Back From Lender, Plan to Move Forward With New Hotel:
Project was first to be approved under North Beach Master Plan
Developers to get additional floor area, City gets $3 million
Development options include hotel and office use