RPC Seeks Density Boost for Condo-Hotel Dev in Miami
By Julia Echikson August 23, 2024 1:11 pm
reprints
Dan Kodsi’s Royal Palm Companies (RPC) is planning to build a condo-hotel tower in Miami’s Arts & Entertainment District.
The half-acre site consists of two contiguous parcels just north of Downtown Miami at 1317 and 1353 North Miami Avenue. Forman Capital provided a $8.7 million pre-development bridge loan.
RPC is seeking to boost the site’s density to house up to 360 units — 115 units more than what the parcel is currently entitled to, according to the Palm Beach-based lender. The development would likely rise about 30 stories.
“The combination of the site’s appeal, the developer’s track record and pent-up demand for additional high-end condo-hotel inventory bodes well for the project’s sales activity,” Forman Capital partner Ben Jacobson said in a statement.
RPC assembled the site, which is home to low-rise buildings, in 2022, paying $10.7 million in total, according to property records. The seller of one of the sites, ABC Restaurant Supplies & Equipment, has remained in the 21,250-square-foot building since the sale.
The area is undergoing a fast transformation. Less than a mile south in Downtown Miami, Miami Worldcenter, a 27-acre master development, is taking shape. At least five residential towers have been completed, and stores such as Sephora, Free People and restaurant Brasserie Laurel have opened. And Apple is slated to open a store.
Other nearby projects include PMG’s E11even-branded condo-hotel project, which remains under construction.
A representative for RPC did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
