Michael Stern David Martin Gianluca Vacchi Buy Bay Garden Manor For $120M In Miami Beach

The asset involved in this transaction is a development site located at 1250 West Avenue in the Miami Beach market. The sale price for this property is $120,000,000, and it will be redeveloped into a waterfront condo tower featuring 125 units with a height of 330 feet.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $120,000,000
• Buyer: Michael Stern - JDS Development Group; David Martin - Terra; Gianluca Vacchi - GV Development; RG Development
• Seller: Jorge Betancourt - Bay Garden Manor
• Broker: Dan Marinberg
• Lender: Northwind Group

Michael Stern and David Martin acquired the property which includes Bay Garden Manor and Bikini Hostel with the intention of redeveloping the site. The partnership will dissolve the condo association within six months to proceed with the demolition of the 238-unit building, subsequent to obtaining necessary approvals for rezoning and redevelopment from the Miami Beach commission.