THE REAL
S TAT E of real estate
Miami’s Renaissance
“If you create a stage and it is grand, everyone who enters will play their part.” That was Mr. Morris Lapidus’ view on the greatest design of his career, The Fountainbleau Hotel, in our very own Miami Beach. Many of our Art Deco jewels once housed some of the most exclusive guests in the world, from politicians to notorious gangsters and the world’s greatest entertainers. What was once a local watering hole and simply the only decent place to go to a karaoke bar in South Beach was the 1940s marvel The Shelborne Hotel, which, until its recent $20M renovation, lived as an afterthought in the hustle and bustle of Collins Avenue. Cross the bridge and marvel at the ambitions of a powerhouse female developer by the name of Avra Jain. Ms. Jain has set her sights on the up-and-coming MiMo (Miami Modern) District, with its iconic Coppertone sign from 1958 and the cheeky new and improved Vagabond “Motel”. The thrill of renovation lures many investors to all parts of Miami. History tends to repeat itself, they say, and Miami’s no exception. What does all this mean for residents and future buyers of property? Miami’s various architectural facelifts continue the city’s renaissance into a culturally rich and vibrant global destination. Those living here might find a greater appreciation for our city after seeing the new sparkle on these brought-back-to-life landmarks. If you ask us, this town keeps getting better and better. We take a look at the buildings making history, honoring Miami’s past while not compromising the excitement of its present. 1941
2014
then and now: The Raleigh Hotel Pool. Left: March 5, 1941 Right: Today, The Raleigh is the center of Mercedes Benz Fashion Week Swim, which celebrated its 10 year anniversary in July 2014
The gilded age on Miami Beach THE FONTAINEBLEAU HOTEL Frank Sinatra, Elvis Presley and Johnny Carson all once called the Fontainebleau home and more. The hotel has a history of being used in cinema, from the James Bond film Goldfinger to a small yet beautiful scene featuring Frank Sinatra in A Hole in The Head. The Fontainebleau was acquired for a mere $27 million in 1978 that saved the icon from bankruptcy. It took a hit, like many other hotels in Miami Beach, due to a shaky economy where overspending was a must. The Turnberry Associates purchased the property for $165 million dollars and the grand re-opening, a staggering $1 billion dollars later, took place in 2008. It took two years to return the property to its former glory, making it once again a hotel of choice by the rich and famous. THE SHELBORNE HOTEL A real staple in the underbelly of South Beach until recently was the Shelborne Hotel, with its smoke-permeated walls telling tales of a time where lighting one up was cool and an underground karaoke room was laden with broken dreams and cheap cocktails. With an Art Deco appeal and serving as host to the Miss USA pageant in 1940, the Shelborne has never had a shortage of personality, only upkeep. After decades and countless changes in management and owners, it became one of the many Art Deco ghosts where you could stay for an overpriced rate and write a lackluster review about on TripAdvisor. Then, an astute investor purchased the Shelborne and, despite speculation of its ability to bounce back and ignite the hotel’s glamour of 70 years ago, invested $20 million in renovations. Keith Menin of Menin Hotels took that leap of faith and brought back the glitz and limelight to the Shelborne Hotel. Menin was a bellhop for the hotel when he was 15 years old and stressed how much of an honor it was for him to be a part of simultaneously restoring and recreating South Beach history. The Menin name may sound familiar, as it is responsible for many facelifts of our beloved Art Deco hotels. Menin hotels were also the brains behind the new celebrity hotspot The Gale Hotel. Keith Menin candidly speaks about the days when he and his cousins would paint the walls of The Gale as a chore - where his family ran an Assisted Living Facility - and how he would dream of what the structure could really be. His vision paid off with the Shelborne and the Gale: now two of South Beach’s hottest hotels. These sort of rags to riches (or rather disasterpiece-to-masterpiece) stories are what drive the international and national investor to Miami. This city has proven time and time again to not only be an overachiever when it comes to resilience and aesthetic but an investment that in time always pays back ten-fold. From the hoteliers who take a risk in revamping these structures to the residents in the neighborhood, everyone wins. A source tells Opulence International Realty that “growth begets growth.” The projects that pop up and prove successful serve as a platform of faith for other ambitious builders and developers and increases the “sellability” and value of the surrounding properties.
“The truth is, that it is natural, as well as necessary, for every man to be a vagabond occasionally.” Cross the bridge from Miami Beach and it’s a whole new world; in fact, it always has been. The dark days of the nitty gritty MiMo district get further and further behind us with each renovation on the infamous Biscayne motel corridor. The MiMo District has recently had a major facelift. With former hourly motels being revamped – some, like the strip’s famous Vagabond Motel, undergoing a complete overhaul that is thought to soon be considered the newest hot spot in Miami - the neighborhood has completely transformed. A female developer Avra Jain submitted plans in 2008 to renovate the sad and desolate structure that had been forgotten for decades and was approved to bring her vision to life by the Historic Preservation Board. The hotel cost $1.9 million and cost a reported $5 million to renovate and restore. Standing tall and ready for business, the Vagabond Motel stayed true to its 1950s flair: its original neon Marquis still in place, many of the 1950s in-room fixtures paired with modern day pieces, and the mosaic of the mermaid at the bottom of the pool. The hotel is once again a showstopper and soon will also house an upscale restaurant taking an interesting spin on diner food. Do not fool yourself with reading the word diner. Entrees will be priced at about $30 each just like many of the upscale dining competitors in Miami.
Girl Power Avra Jain - not to be outdone - is determined to pave the way for visionaries of the future, recently purchasing Magnum, Miami’s most authentic piano bar on 79 Street. A staple for the last 13 years ran by a man as meticulous as they get, Jeffrey Landsman finally sold. Jeffrey reportedly had dozens of offers for his pride and joy, but not one investor had the same vision or love for the Magnum Bar as he did until Ms. Jain showed up. The numbers are not concrete and no one can be too sure how much the property really sold for, but it is estimated to be another $1M plus that this powerhouse woman has invested in a neighborhood that has had a bad reputation for over 20 years. Why is Avra Jain trying to rebuild this neighborhood where pay-by-the-hour motels line the streets rather than palm trees? Why is she putting all her eggs in a basket that no one else has ever been successful in transforming? Ms. Jain has expressed her love for Miami and her desire to bring back an era only experienced by generations before that truly defined tropical glamour. In short, she realizes she is taking a risk, but believes it will pay off both financially and for Miami’s legacy. Obviously Ms. Jain got the memo “No Guts, No Glory.” did you know? The $22.5M South Pointe Park renovation took 20 months to complete, reopening in March 2009.
Again and again, Miami proves itself to be a town that knows the value of reinvention. What’s on the horizon for the Magic City? Only time will tell, but when it’s time to buy property in Miami, we’re at your service. And we keep it real.
front cover & inside image, bottom left © Shorpy Historic Picture Archive - www.shorpy.com
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