Miami Beach investor to convert former Banana Republic store into mansion hotel

Miami Beach investor to convert former Banana Republic store into mansion hotel
Greg Mirmelli with 800 Collins Avenue (Google Maps) via www.therealdeal.com

Greg Mirmelli paid $4.5 million for the Collins Avenue building

Mirmelli said he is looking to capitalize on the rush of billionaires who have recently moved to Miami Beach and nearby towns. The proposed mansion hotel would be rented as a villa for $15,000 to $20,000 per night, Mirmelli said. It would have about eight bedrooms, an indoor swimming pool, spa, movie theater that doubles as a nightclub, a lobby, and possibly a rooftop sundeck and pool.

Mirmelli said that the conversion is an example of what’s to come for existing vacant retail. Banana Republic also closed its Lincoln Road store in Miami Beach.

“If you go down that street, it’s really sad. Retail is dead,” he said, referring to Collins Avenue’s retail strip. “With the changing environment and retail I think going the high-end luxury residential [route] is the right change of use.”

By Katherine Kallergis for www.therealdeal.com
Read the full story: www.therealdeal.com

 

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