http://jluxehomes.com/avra-jain-buys-miami-river-inn-for-8-6m/
Publication: JL LuxeHomes
Title: Avra Jain buys Miami River Inn for$8.6M
Posted on April 20, 2015 by Katherine Kallergis
The Vagabond Group, led by developer Avra Jain, picked up an historic58-room inn near the Miami River for more than double its last sale, AztecGroup told The Real Deal.
Miami River Inn Holdings sold the Miami River Inn’s 1.5-acre site for$8.6 million. Jason Katz, Aztec Group vice president, represented VagabondGroup in the purchase of the three-story inn, considered Miami’s longestoperating hotel, at 437 Southwest Second Street, on the south side of the MiamiRiver. Alfonso Jaramillo of Fortune International Realty represented theseller.
The sellers brought the hotel out of disrepair when they bought it for$4.2 million in July 2013, Katz said.
“It’s been operating, but not at its full potential. Generally speaking,it could be something like the Vagabond with a food and beverage component,”Katz told TRD. “[Jain] is looking totake it to another level.”
Jain obtained a $5.5 million loan from Eastern National Bank for theMiami River Inn.
The hotel was built in 1906, and portions of it are part of the SouthRiver Drive Historic District. “Over 50 years ago it was a boarding house, and100 years ago it was a hostel,” he said.
The neighborhood, which is across the street from the riverfront, is EastLittle Havana, which is up for rezoning.
“It’s such a unique property that it is invaluable,” Katz said. “It’sreally an emblem of the growth in the area.”
The Miami River is increasinglydrawing new development. Andy Hellingeris building River Landing, a massive nine-acre development that will includeapartments, retail and a linear park along the riverwalk.
All-in-all, more than 4,000 residential units and more than half amillion square feet of retail establishments, including restaurants and bars,are under construction or planned for the Miami River area.
“There are a lot of things going: 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.
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