Miami Beach elected officials could soon adopt density bonuses to condominium and multifamily developers that rebuild oceanfront hotels in the city’s burgeoning South of Fifth neighborhood.
On Wednesday, the city commission is scheduled to take a second and final vote on an ordinance that would grant a larger floor area ratio, or FAR, than currently allowed for residential buildings in South of Fifth. The developers would have to first pledge to not allow short-term rentals in any condo or apartment projects they build, according to a memo by City Manager Alina Hudak.
The proposed legislation, sponsored by commissioner Alex Fernandez, appears to target three properties: The Marriott Stanton South Beach, the Hilton Bentley Miami/South Beach and the Savoy Hotel & Beach Club.
The 224-room Marriott Stanton at 161 Ocean Drive is owned by Miami-based Key International, records show. The 110-unit Hilton Bentley 101 Ocean Drive is a condo-hotel with various individual unit owners. The hotel portion is owned by Gatineau, Quebec-based Heafey Group. And the 75-key Savoy at 455 Ocean Drive is owned by New York-based Allied Partners.
None of the owners have expressed interest in redeveloping the hotels, the city memo states. Under the ordinance, Key, Heafey, Allied and the Savoy’s individual unit owners would have to voluntarily agree to end the hotel use at the properties.
In November, Miami Beach voters approved a ballot referendum by a nearly 66 percent margin authorizing the city commission to adopt the ordinance. Under the measure, if the hotels were redeveloped into condominiums or multifamily buildings, a developer would be allowed a FAR of 2.75 instead of the existing 2.0.
By way of example, the Marriott Stanton could be redeveloped into a 60-foot condominium with 93 units, the memo states.
Existing condominiums, such as the Continuum on South Beach, One Ocean and Marea, would also be prohibited from ever converting into hostels, hotels or condo-hotels, the memo states.