By: Ismael Rodriguez
The Finvarb Group bought the Citibank branch building in South Beach for $19.2 million, where it plans to break ground on a 150-room hotel.
Finvarb bought the 1685 Washington Avenue property, which sits across from the New World Center and the Fillmore Miami Beach, after it became available on the market in January.
The 7,384-square-foot property with a 30,000-square-foot corner lot will also keep Citibank, which will continue its daily operations throughout the construction process and remain a tenant within the future development, according to The Real Deal.
The bank’s new lease is part of a deal between CBRE’s Paul Weimer and Christian Charre, who represent Citibank, and Finvarb, that states Citibank, which has occupied the building since it bought the property in 1995 for $2.03 million, will lease back about 4,000 square feet on the ground-floor.
The property is also just one of many projects Finvarb has set out to develop in the past few years.
Other recent projects by Finvarb Group include the Marriott Residence Inn South Beach, which opened last year and stands next to the future Kimpton Hotel, the Marriott Courtyard Palm Beach Jupiter, the Marriott Residence Inn Downtown Tempe and the Marriott Courtyard San Antonio Riverwalk.