Pebb Capital, Maxwelle Real Estate and Russell Galbut partnering on project
A joint venture plans to convert the closed Bancroft Hotel and a building next door in South Beach into high-end offices, marking another bet on the tourist area morphing into a workplace hub.
Pebb Capital, based in Boca Raton and New York City, and Miami-based Maxwelle Real Estate Group are partnering with Miami Beach investor Russell Galbut on the project, according to a Pebb news release. Pebb and Maxwelle bought the property at 1501 Collins Avenue for $47 million from a Galbut-affiliated entity.
The five-story property, developed in 1939, totals 100,0000 square feet, half of which will be converted into luxury office space, Pebb’s Todd Rosenberg said via email. The workspace will be built out in the Bancroft shell, and in the vacant space next door at Ocean Steps, which currently only has a small office on the second floor.
The property includes 210 underground parking spaces.
The vision is for the offices to offer amenities that capitalize on the nearby beach. This includes a private beach access only for select members who work onsite, according to the release. Other amenities are similar to those of a luxury condominium, such as a spa, fitness center, and food and beverage concepts provided by LDV Hospitality.