The Miami Today reported that Tibor Hollo is close to beginning construction on the first post-downturn mixed-use development, a 35-floor hotel, residences and office tower, in Downtown Miami. Mr. Hollo, chairman and president of Florida East Coast Realty, said he expects to break ground on the planned Sonesta Mikado Hotel & Residences in January or February. This site at 1701 NE Fourth Ave. is the last piece of a large mixed-use development the developer planned in the Omni area.
Mr. Hollo said he hopes to begin building as soon as the City of Miami issues the needed construction permits. Construction is expected to take about two years. Sonesta Mikado’s plans haven’t changed, Mr. Hollo said.
The Asian-themed hotel, with 250 hotel rooms and 119 suites for rent or sale, is to be managed by Sonesta, a Boston-based company that owns a hotel in Coconut Grove. This would be the next hotel Sonesta manages in Miami-Dade. Its long-time Key Biscayne hotel was razed for a project that has yet to begin.
The upscale hotel is to feature two restaurants and a full-service spa. Other amenities include a recreation deck, bar and grill, and 14,000 square feet of meeting space. Hospitality consultant Guy Trusty said Mr. Hollo has always been ahead of his time and has the ability to raise financing because of his longevity in the business.
“He knows his market and has the ability to execute on a project,” said Mr. Trusty, president of Lodging & Hospitality Realty. “And I think his timing couldn’t be better, and the neighborhood can support it.”
Mr. Hollo’s firm began developing the Omni area in 1977, sparking the transformation that has led to the bustling district it is today. This latest project, Mr. Hollo said, would complete about 15 million square feet developed in this neighborhood, which is coming alive with residents, restaurants and entertainment venues.
“It’s a very vibrant young community that is taking advantage of the Miami Heat and the performing arts center,” he said. “Everything is happening there now.”
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.