The developer of the Hyatt South Beach has obtained nearly $29 million in construction financing for the 105-room hotel.
A company managed by Miami-based Robert Finvarb Companies received the loan Friday from BB&T, according to Miami-Dade County records. It plans to replace the Tropical Gardens apartment building with the hotel at 1600 Collins Avenue, part of South Beach’s Art Deco district. Construction is expected to begin by year’s end, with the hotel scheduled to open in 2015.
Plans for the 10-story hotel include an outdoor swimming pool, fitness center and 10,000 square feet of ground-floor retail space. Miami architect Kobi Karp designed the project. The Miami Beach Historic Preservation Board approved the demolition of the rear of the Tropical Gardens building in September. The front of the building is expected to remain intact.
Robert Finvarb has developed 11 hotels totaling about 2,000 rooms operating under numerous Marriott brands in six states and the District of Columbia.
The Miami Beach hospitality market has been rife with investment and development activity this year. One notable recent transaction was the $41.5 million purchase of the former Gianni Versace mansion by the New York-based Nakash and Gindi families last month. The partnership, which owns several Miami Beach hotels, plans to incorporate the 1116 Ocean Drive mansion into its Hotel Victor next door. – Eric Kalis