Victorian Plaza Undergoing $45M Sale, Conversion

MIAMI-Karlton Collins LLC, a Florida limited liability company, has purchased The Victorian Plaza in Miami Beach for $22.4 million and is spending about the same amount of money to convert it back to residential use–this time selling the units as condominiums. The sellers were Victor Posner Trust No. 6, the leaseholder, and Security Management Corp., the fee holder.

The property, completed in 1969, originally consisted of a 14-story building with 249 apartments on 1.75 acres of land with 225 ft of Atlantic Ocean frontage. In the early ’80s, however, Posner, who passed away about a year ago, converted the building to office space for his many companies.

The property, at 6917 Collins Ave., has been vacant for approximately a year.