MIAMI—The Miami River has gotten a new lease on life. There's significant redevelopment activity along the river banks. Tourism is booming in Miami's urban core.
Against that backdrop, Aztec Group brokered the sale of Miami's longest-operating hotel: The Miami River Inn. Aztec represented Vagabond Group, led by Avra Jain, for $8.6 million. Jain's vision and leadership has led to the renovation of the historic Vagabond Motel, the marquee 45-room property of the MiMo District with a restaurant on the street level of Biscayne Boulevard.
“The Miami River Inn is one of the most historic properties in Miami today,” says Jason Katz, vice president of Aztec. “Bringing in a group with a passion for redeveloping historic properties ensures its bright future. This transaction is an indication of Miami's growth around its main artery and namesake, the Miami River. Bringing such an important property back to life will only further activate the already pulsating river corridor.”
Built in 1906, the 58-room hotel is located at 118 Southwest South River Drive, facing the Miami River. There are over 4,000 residential units and over half a million square feet of retail establishments along the river banks, including restaurants and bars, under construction or planned.
In the heart of Downtown Miami, Katz also recently closed the sale of 501 Northeast 1st Ave. for $8.25 million, representing the seller, Virginia Cole Investment Corp. Aria Development Group acquired the property, which sits just steps from Miami Dade College's Wolfson Campus, to build a transit-oriented development. Habitat Group, an entity represented by Alfonso Jaramillo of Fortune International Realty, sold the Miami River Inn.
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