Title: Avra Jain buys Miami River Inn for $8.6M
Miami'slongest running inn last sold for $4.2M in July 2013
By Katherine Kallergis |
Date: April 20, 201503:01PM
The Vagabond Group, led by developer Avra Jain, picked up an historic 58-room inn near the Miami River for more than double its last sale, Aztec Group told The Real Deal.
Miami River Inn Holdings soldthe Miami River Inn’s 1.5-acre site for $8.6 million. Jason Katz, Aztec Groupvice president, represented Vagabond Group in the purchase of the three-storyinn, considered Miami’s longest operating hotel, at 437 Southwest SecondStreet, on the south side of the Miami River. Alfonso Jaramillo of FortuneInternational Realty represented the seller.
The sellers brought the hotelout of disrepair when they bought it for $4.2 million in July 2013, Katz said.
“It’s been operating, but not atits full potential. Generally speaking, it could be something like the Vagabondwith a food and beverage component,” Katz told TRD. “[Jain] is looking to take it to another level.”
Jain obtained a $5.5 millionloan from Eastern National Bank for the Miami River Inn.
The hotel was built in 1906, andportions of it are part of the South River Drive Historic District. “Over 50years ago it was a boarding house, and 100 years ago it was a hostel,” he said.
The neighborhood, which isacross the street from the riverfront, is East Little Havana, which is up forrezoning.
“It’s such a unique propertythat it is invaluable,” Katz said. “It’s really an emblem of the growth in thearea.”
The Miami River is increasinglydrawing new development. AndyHellinger is building River Landing, a massive nine-acre developmentthat will include apartments, retail and a linear park along the riverwalk.
All-in-all, more than 4,000residential units and more than half a million square feet of retailestablishments, including restaurants and bars, are under construction orplanned for the Miami River area.
“There are a lot of thingsgoing: Chetrit,Related (BrickellHeights) and KARProperties. At least three major mixed-use high-rises are happeningon the riverfront,” Katz said.
Jain recentlyredeveloped the 45-room boutique Vagabond Hotel, formerly theVagabond Motel, at 7301 Biscayne Boulevard.