Developer Henry Pino is buying a development site in South Miami for $17 million to $19 million, with plans for a 310-unit short-term rental-friendly condo project, The Real Deal has learned.
Pino’s Kendall-based Alta Development is under contract for the Rodeway Inn South Miami-Coral Gables hotel at 5959 Southwest 71st Street, Pino said. The plan is for a 15-story building, with unit prices ranging from $550,000 to $890,000.
Developers across South Florida have jumped on short-term rental-friendly condos, which target buyers who want the option of using them as an investment by renting them out with few to no restrictions. Out of the total 20,613 condo unit pipeline from Miami’s Coconut Grove to Broward County’s Hillsboro Beach, 10,335 units will be short-term rental-friendly condos, according to ISG World’s first quarter report. The report tracks new developments east of I-95.
Records show the Rodeway Inn is owned by an entity led by Francisco Martinez-Miyashiki, son of the late spaghetti western star Francisco Martinez Celeiro. Celeiro, who used the stage name George Martin, had gone into real estate in Miami with Martinez-Miyashiki following his film career.
The four-story, 117-key hotel was completed in 1991 on a 0.8-acre lot, according to records.
Pino started Alta Development in 2020 after splitting from the similarly named Alta Developers, a Miami-based firm he had co-founded with Raimundo Onetto. Onetto leads Alta Developers as CEO.
This won’t be Alta Development’s first short-term rental-friendly condo. Near the Miami River, the firm is expected to start construction this summer on the 16-story, 283-unit River District 14 at 1451 Northwest 14th Street in Miami. Pino planned the project as an apartment building in 2022, when he had bought the site, but switched course last year as the formerly booming multifamily market turned. Over 70 percent of River District 14 is presold or reserved, according to the project’s broker, Fredrik Eklund.
Much of the short-term rental-friendly condo pipeline is in the urban core of Brickell, Edgewater and downtown Miami. At the Miami Worldcenter complex, the Pérez family’s Related Group and Merrimac Ventures are developing the 33-story, 450-unit The Crosby at 601 North Miami Avenue. On an adjacent lot, Merrimac and Miami-based Aria Development Group are developing the 32-story, 579-unit 600 Miami Worldcenter. Both will be short-term rental-friendly projects.
Pino is opting to develop in South Miami because a pool of buyers prefers more “suburban areas,” offering a quieter lifestyle and proximity to top schools, he said. Plus, suburban markets offer a reprieve on unit prices.
At the same time, Onetto is betting on short-term rental condos in Coral Gables. Last month, Alta Developers launched sales of the 12-story, 174-unit Cassia at 4011 Salzedo Avenue. Prices range from $700,000 to $1.8 million.