Call For Offers Issued On Miami Beach’s Historic Bath Club
A call for offers has been issued on Miami Beach’s historic Bath Club, according to an offering memorandum we have received. The property was built in 1926 as an oceanfront estate, then converted to a private club. It is comprised of over 15,000 square feet of interior space with a total of 5 acres of land and 500 linear feet of ocean frontage at 60th Street and Collins Avenue.
While the terms of the deal are not defined, a new owner would have several options of income streams including:
A club operation with membership plans. A charter remains that allows up to 200 members and their families. This would allow income through equity memberships, initiation fees, annual dues and food/beverage..
Private event space. The property is currently being used as this function. They have recently hosted events for corporations including HBO, Macallan, Pandora and Bacardi. A one night event currently runs $13,500 per night, give or take some depending upon the season and availability.
Restaurant or lounge. The large commercial kitchen is designed to accommodate simultaneous banquet service and restaurant operations. Several of the rooms are well-suited for dining and lounge areas with a historic setting and the food and drink service can run until 5am.
Cabana sales. There are 60 cabanas on site, of which the usage rights of 14 have been sold at prices up to $90,000. The new owners could sell the remaining cabanas or lease them to generate recurring revenue.
The club was purchased in 2000 for $10 million and a portion of the lot was developed into The Bath Club condominium in 2004. Prices of the condominiums currently range from $1.6 million up to $8.4 million, or $1335/square foot. Owners of the condo units have access to the shared amenities of the club.
Offer terms and letters of intent are due to the seller by May 19 at 5pm. The seller anticipates that the offers will fetch north of $25 million. Please contact us for the full offering memorandum.
South Beach’s Berkeley Shore Hotel Renovation Definitely Won’t be Done by the Date on the Construction Fencing
Maybe there’s just too much bold paint and too many wacky interior details to handle, but the historic Art Deco Berkeley Shore Hotel on Collins Avenue near the recently restored Haddon Hall, now just known as ‘The Hall’ even though the historic ‘Haddon’ part is still on the sign, is clearly going to miss the opening timeframe of ‘Fall 2016’ announced on the construction fence liner out front.
From the state of the gutted out historic building in the front, to the state of the shell in the back that looks like it just topped out, a few months of time is not nearly enough to get to the grand opening ribbon cutting for its big debut.
The hotel was purchased by its new developers way back in 2013, when I, at Curbed Miami, lamented loudly that the “total renovation” being planned could mean the loss of a cooky Alice in Wonderland-like aesthetic for something more ‘posh’ or ‘au courant’ and thus maybe even boring. Who knew that slightly boring new hotel would take so long to get built though? The least they could do is take down that “Fall 2016” sign of theirs. Humph.
Nobu Hotel, a Boutique Hotel Inside the Eden Roc, is Anticipating an October 2016 Opening
Nobu, the Eden Roc Hotel’s firmly established marquee restaurant, is growing into a characteristically Nobu-ish boutique hotel-within-a-hotel, with new Nobu-ified guest rooms, a Nobu-licious lobby bar, Nobu-ed up pool area, and now the world’s largest Nobu restaurant and lounge. Called the Nobu Hotel Miami Beach, it’s sort of like the old Howard Johnson’s model, except luxurious, glamorous, and very Miami Beach. Now that construction must be nearing completion, the hotel has launched a teaser website announcing its opening (along with a Facebook page) scheduled for this October.
This is the second Nobu Hotel, following the brand’s first foray into hoteling at Caesar’s Palace, in Vegas. Naturally, this being Miami, they’re coming in a little behind schedule. An article last year in Forbes had pegged the opening for this spring. Along with 210 guest rooms, and the 15th floor penthouse level suites, Nobu guests will have access to the Eden Roc’s spa and other amenities, and their own discreet VIP entrance. Yet despite all of this, the Rockwell Group, which is handling the design, is reportedly preserving and paying homage to the Eden Roc’s original postwar MiMo design, by the great Morris Lapidus. According to Forbes, it’s personal for actor Robert De Niro, one of the trio behind the project, who has fond memories of staying at the old hotel. Being an old-school New York City kind-a-guy, there’s a solid chance he bummed around the joint wayyyy back in the day.
