After receiving US$ 44.6M in finance, a Finvarb Group joint venture may begin building on its Thompson Hotel-anchored South Beach mixed-use project in Miami, Florida, near Soundscape Park and Frank Gehry’s New World Symphony building.
According to public documents, Banesco USA offered a $22.3 million construction loan to the Finvarb Group entity that owns the 0.6-acre empty redevelopment property at 1685 Washington Avenue. Finvarb Group, directed by founder Ronny Finvarb, is developing the mixed-use project in collaboration with Chahine Investment Group, a Luxembourg-based family office specializing in office buildings and luxury hotels.
According to a news statement, Chahine, led by Agathe Chahine, also funded the Thompson Hotel-anchored South Beach mixed-use project in Miami with a $22.3 million mezzanine loan.
Thompson Hotel-anchored South Beach mixed-use project in Mimi development
The project development has been in the works for some years now. According to public documents, the Finvarb subsidiary paid $19.2 million for the Thompson Hotel-anchored South Beach mixed-use project site in 2017.
In 2018, the Miami Beach Historic Preservation Board approved the eight-story skyscraper with a 150-room Thompson Hotel by Hyatt. Designed by French architect Rudy Ricciotti, the Thompson Hotel-anchored South Beach mixed-use project in Miami features a 116-space parking garage, ground-floor retail spaces, a rooftop restaurant, and a pool and deck with views of Soundscape Park.
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The developer demolished a bank facility and parking lot on the land in 2019 and the city of Miami Beach granted a construction notice beginning in November.
About Finvarb Group
Finvarb Group, which was founded more than 40 years ago in Bay Harbor Islands, has a portfolio of 13 hotels and restaurants, predominantly in Miami Beach but also in other regions of Florida, according to the company’s website. Among its properties are the Courtyard by Marriott South Beach and the Kimpton Hotel Palomar South Beach.
Finvarb also has real estate in Arizona and Texas. Finvarb Group purchased $10 million for The Landon Bay Harbor-Miami Beach, a 46-key hotel in the company’s hometown of Bay Harbor Islands, last year.