January 25, 2017
Just down the block from Brickell City Centre, developer have closed on the purchase of a property where they plan to build 24-story hotel and retail project.
Tony Cho and Robert Finvarb closed on the purchase of the El Eden motel at 115 Southwest Eighth Street, 726 Southwest First Court and 110 Southwest Seventh Street for $18.4 million last week.
The developers have already applied for a demolition permit for the motel, city records show.
Arquitectonica has been hired to design a 250,000-square foot mixed use development. Plans have yet to be submitted to the city, and groundbreaking is expected next year.
Construction is expected to cost $90 million.
The developer told The Real Deal that the retail component could include health and wellness store or a grocer.
A 263-key hotel will be “millennial driven,” and talks are already underway with several national flags. The developer is also considering residential and office components.