US: Canadian real estate investor Jesta Group has been given the go ahead for a $300 million mixed-use project in North Bay Village, an island town between Miami and Miami Beach.
Jesta Group’s proposal for the 30-storey project include 345 rental units, of which 18 will be workforce housing, as well as a 273-room hotel, 14,500 square feet of restaurant space and 677 parking spaces.
Jesta has owned the 2.31-acre site, just west of Miami Beach’s Normandy Isles, since 2016, when it paid $15 million. The waterfront parcel now houses a five-story Best Western motel and a seafood restaurant. The motel will be demolished but the restaurant will remain, according to Jesta’s plans.
The company is starting talks for financing and hopes to start construction in 2024, delivering the project in 2026.
“We are incredibly bullish on South Florida,” said Anthony O’Brien, senior managing director of Jesta. “As we develop this landmark project, we will continue to grow our portfolio of world-class assets in this tremendous market.”
Jesta’s South Florida portfolio includes three Art Deco properties in South Beach – the Clevelander Hotel, Essex House Hotel and Stiles Hotel.
