Kimpton Hotels is the new name in town, set to open in Epic Residences & Hotel next year.

A hotel-to-rental conversion makes an interesting change in Miami Beach, especially when it ranks as the only new luxury oceanfront rental in Miami Beach. Two years ago when other vintage properties were going condo, Howard D. Cohen, president of Atlantic & Pacific Companies, began an extensive renovation of the Crown Hotel at 4041 Collins Ave. plus the addition of a new tower on the former parking lot.

Some background: The 1940s-era, seven-story Crown Hotel was Miami Beach’s first skyscraper! Another building was added in the 1950s and it later became one of Miami Beach’s famous kosher hotels.

Fast-forward to the present and a small 1931-vintage house across the street at 228 W. 40th St. — one of only two single-family homes remaining in the historic Collins Waterfront District and identified by the state as a contributing structure — was in the way of a new parking garage for the rental building. Cohen and Todd Tragash, principal of Miami-based STA Architectural Group (the company in charge of the Crown restoration and renovation), worked closely with the Historic Preservation Department (Planning and Zoning) of the city of Miami Beach to move the entire house one block to the rear of the hotel. The house received a new foundation and structural connections and the interior was restored while retaining some of the original elements. It now serves as the property’s club room and health and fitness center.

The Crown’s 174 rental units range from studios to two beds/two-and-a-half baths. Unit amenities include state-of-the-art stainless steel appliances and granite counters in both kitchens and bathrooms. Building amenities include an executive business center with private conference room; billiards room; resort-style oceanfront pool and spa and WiFi hot spots at designated areas throughout the building including the pool deck. There is controlled access, concierge service and covered parking. Rents range from $1,375 to $3,800 per month. (There are no seasonal rentals.)

 

Stay Downtown

There’s nothing static about downtown Miami (forgetting the bad and ugly, which always gets more publicity than the good!). The central area is living up to its metropolis status while becoming an even better destination for visitors.

Latest news: Luxury high-rise waterfront development Epic Residences & Hotel at 300 Biscayne Boulevard Way has teamed with San Francisco-based Kimpton Hotels & Restaurants to manage its hotel component. For the cognoscenti, Kimpton is known for its “cool” factor, individuality and commitment to ecological practices in the 40 luxury boutique hotels it runs in 17 locations around the United States. Epic Hotel will occupy 15 of the 54 stories in the tower and feature a combination of approximately 400 standard rooms and one- and two-bedroom suites, each with a private balcony. Amenities and Kimpton’s signature services will be available for both Epic residents and hotel guests. These include private boat docking, a world-class spa, a high-tech business center and poolside services. Also in the works: chef-driven, destination restaurants and high-profile lounges to bring distinctive nightlife to the property.

Those who want to enjoy the hotel amenities but live in their own home can buy a unit in Epic Residences starting in the $500,000s. There are also separate one- and two-bedroom waterfront townhomes. EPIC is being developed by Ugo Colombo’s CMC Group, Alfredo and Diego Lowenstein’s Lionstone Development, and Amancio Ortega’s Ponte Gadea Group. Construction for the tower has begun. Completion is scheduled for winter 2008 and an additional condominium tower is planned.

 

More Improvements

On the hotel scene, the Hyatt Regency Miami at 400 SE Second Ave. has been a downtown feature since 1982. Now marking its 25th anniversary with a $20 million facelift, the hotel will celebrate in September with a variety of community events and activities.

More than 100 of the hotel’s 612 guest rooms (300 rooms overlook the Miami River and Biscayne Bay) already have new furniture, carpeting and fixtures to create a more contemporary look and feel. The lobby of the Hyatt Miami also is being updated and all renovations should be finished early next year.

The Hyatt Miami is the city’s largest convention hotel with more than 100,000 square feet of function space. (In comparison, the other two major city hotels, the Intercontinental and the Radisson, have 66,000 square feet and 43,000 square feet, respectively.) The Hyatt adjoins the James L. Knight Center/University of Miami conference complex, and ways of reconfiguring the Knight Center to make it more user-friendly for business travelers are currently being explored. In the bigger picture, the Hyatt is part of the Downtown Development Authority, which is developing the master plan for downtown and the proposed Riverwalk project to add green spaces and walking areas with retail along the Miami River.

 

Does Anyone Really Cook in a Condo?

Trump Hollywood is out to prove the cynics wrong. Ignoring the inside joke that no one really cooks in multimillion-dollar condo kitchens, the property hosted the first in a series of intimate dinners in the Yabu Pushelberg-designed model residence, showcasing the Miele appliances that are fitted in the luxury kitchens.

Miele’s Ray LaRochelle cooked up three courses in front of the 10-person dinner party, topping off the meal with a flourless chocolate cake stamped with a powdered “M” (for Miele). Guests dined at a table dressed with orange settings accented by wheatgrass and colorful floral arrangements, and each received a gift of truffle oils. The Miele dinner series continues into September at Trump Hollywood, by invitation only.

 

Who the Buyers Are

In case anyone in South Florida didn’t know, the number of international buyers is increasing and foreign retirees are an increasingly important market in the United States (immigration rules notwithstanding). The National Association of Realtors 2007 Profile of International Home Buying Activity shows that a quarter of Realtors report more international business in 2006 than five years ago.

The research explored the characteristics of second home purchases in the United States made by international clients. Florida leads the pack with 52 percent of sales in 2006 concentrated in three states: Florida (26 percent), California (16 percent) and Texas (10 percent). Among the top findings is a stronger preference for condos and apartments compared to U.S. home-buyers; 22 percent of international buyers purchased condos/apartments versus 12 percent of U.S. buyers.

Cash is king: 28 percent of foreign buyers bought their houses with cash, compared to 8 percent of U.S. buyers. Pricier homes are popular, with the median sales price of homes purchased by international buyers at $299,500, significantly higher than the U.S. median of $221,900 during the same period.

Vacation use topped investment property, although many international buyers consider both factors. Forty-seven percent purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment potential. International homeowners spent an average of 4.2 months of the year in their U.S. properties in 2006.

The breakdown of buyers’ nationalities reflects U.S. figures, which may not entirely match South Florida’s figures. Latin America accounted for 16 percent of all international buyers, with Mexico accounting for 13 percent followed by a third from Europe (including the United Kingdom: 12 percent ) and a quarter each from Asia and North America, outside the United States (Canada: 11 percent).

Note: Since denial is not highly regarded these days, Groundwork will endeavor to report some doom and gloom on the real estate market in coming weeks. Comments, evidence and anecdotes welcome.

Helen Hill is a freelance writer specializing in real estate and lifestyle topics.

Please send news items on Miami-Dade real estate to hhill@miamisunpost.com. Comments? E-mail letters@miamisunpost.com.