Stay to construct Brickell hotel
is under way on an Extended Stay America hotel at the site of the
former Hyde Park market in West Brickell.
hospitality company paid $4.425 million for the 1.5-acre site at 298
SW 15th Road, says Greg Masin, an associate in Cushman & Wakefield's
retail brokerage division who handled the deal for the seller, Coolidge-South
about $70 a foot," he says, "that's top dollar for that
Harvey Taylor said he paid $35-$40 a square foot in the mid-`90s for
land two blocks east to build Publix Plaza.
Stay will erect a six-story, 107-key hotel of efficiency studios,
says Monique Damiano at the Ft. Lauderdale firm's corporate communications
is in place, she says. The new property should be opening early in
Stay usually chooses business parks in high-visibility areas where
there's a market demand," she says. Hotel development is rife
in the Brickell area and Terremark's recently completed Fortune House
markets itself to extended-stay clients. But, like the soon-to-be-completed
Mandarin Oriental Miami and JW Marriott and the Four Seasons
that recently broke ground it targets the luxury market.
economy hotel in Brickell will have little competition, Mr. Masin
19,000-square-foot supermarket on the site was razed last week.
the site was previously retail in use," Mr. Masin says, "it's
on the outskirts of the corridor. Given the amount of specialty retail
proposed for the corridor, hospitality became a more viable use."
Damiano says Extended Stay America will open about 30 properties across
the US this year. An Extended Stay at Northwest 21st Terrace in Beacon
Centre Business Park is to open this fall.