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Week of October 13, 2005 |
| Hotel-condo planned for Gables By Sherri C. RantaA Tennessee hospitality company plans to build a 215-unit hotel-condominium with a Hilton flag near downtown Coral Gables and the city's Miracle Mile shopping district. A subsidiary of Maximum Hospitality paid $16 million for the 1.7-acre vacant site at Salzedo Street and Navarre Avenue in late September and plans to franchise the project as a Hilton hotel, said Guy Trusty, president of Lodging & Hospitality Realty, a Miami commercial real estate and hotel development company. Mr. Trusty described the project, in permit stage at the city, as "a purpose-built hotel condo, conceived and built from the ground up as a hotel condo." Many hotel condominiums, he said, are built as something else and then converted. "There is a real need for new hotel rooms in Miami-Dade," he said. "Over the past five or six years, we've run out of land. All forms of real estate are now competing with condo developers - that's driving up prices. "There's record land costs," Mr. Trusty said. "Consequently, almost every other form of commercial real estate has been pushed out of the market." Miami-Dade property records show the acreage is an assemblage of at least three parcels - all parking lots - that include 317 Minorca Ave. and 320-322 Navarre Ave. The lots were purchased for $11 million in January by 2020 Salzedo Ltd., records show. Almost the entire block bounded by Salzedo Street to the east, LeJeune Road to the west, Navarre Avenue to the north and Minorca Avenue to the south has changed hands in the past few months, Mr. Trusty said. JHM Hotels of Greenville, SC, purchased the nearby Holiday Inn at 2051 LeJeune Road for $11 million in June. Built in 1971, the 95,774-square-foot hotel has 168 units, according to county property records.
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