A 27-unit apartment building in Miami Beach’s South-of-Fifth neighborhood that can be used as short-term rentals – or converted to condos – just hit the market for $22 million.
The mid-century modern, three-story building at 250 Collins Avenue was built in 1959 and was recently fully renovated, Gary Hennes, broker at Gary Hennes Realtors, told The Real Deal. Hennes is listing the building with agent Matthew Scroggins.
The three-story building, designed by architect Gene Baylis, totals 19,064 square feet. The building, which is currently vacant, has one-, two- and three-bedroom apartments sized from 435 square feet to 1,100 square feet, Scroggins said.
The asking price breaks down to $1,154 per square foot.
“They took this mid-century modern building, which was two stories with a courtyard, and added a third floor of new construction, which is the penthouse level, and then on the fourth floor is the rooftop pool and gardens,” Hennes told TRD.
Additional renovations include custom kitchens with Miele appliances and quartz countertops, he said.
Miami-Dade records show the seller as TwoFifty Collins LLC, managed by Alessandro Renzetti. The entity purchased the building for $3.8 million in 2008.
Hennes said that in 2015, two shareholders, SF Real Estate and Michael O’Shea, assumed control for the management of the development. SF Real Estate is the real estate division of Simone Frangi, a retail mogul who heads Ticino, Switzerland-based Frangi and is the chairman of the Tie Rack Retail Group, according to his LinkedIn page. O’Shea is the chairman of Kerten, a private equity group that has real estate interests throughout Europe, North America and the Middle East.
The owners have signed an agreement with a hospitality brand, The House Residence, to brand the apartments for short-term rentals, Hennes said. The area in the South-of-Fifth neighborhood is one of the few in Miami Beach that allow for such stays. A buyer could also convert the newly completed building to condos, he said.
“This is a rare combination of historic and new construction, Hennes said. “It’s a beautifully glamorous reinterpretation of this type of mid-century modern building.”
The South-of-Fifth neighborhood is being transformed with additional new boutique condo projects, including Mast Capital’s Louver House, JMH Development’s Three Hundred Collins and Terra Group’s Glass.