The Estate Cos., a multifamily developer in South Florida, has finished converting a former Ramada Inn into a rental community that it says serves as a model for how to successfully convert a distressed site.
Before and after: The Ramada Inn has been transformed into a new four-story garden-style community with 251 rental units and 5,522 square feet of commercial space in Hialeah.
As real estate developers and investors look for opportunities to reposition distressed properties and transform assets into multifamily units as demand for rentals goes up, one South Florida developer is the
latest example of applying adaptive reuse and repositioning a hospitality site in Hialeah.
The Estate Cos., a multifamily developer in South Florida, has finished converting a former Ramada Inn at 1950 W. 49th St. in Hialeah into a mixed-use community called Alture Westland. The hotel is now a four-story, 251-rental-unit garden-style community with 5,522 square feet of commercial space, and features studios and one-bedroom units. Amenities in the community include a pool with a sundeck, a fitness center and a clubhouse.
Jeffrey Ardizon, principal of The Estate Cos., said the project serves as a model for how to successfully convert a distressed site.
“We are thrilled to celebrate the completion of Alture Westland and see our vision of this adaptive reuse come to fruition, which provides an attainable price point with a mixed-use component for those who have been priced out of the market in general, including residents and nonresidents of Hialeah,” Ardizon said. “We are approaching stabilization, currently at 85% leased.”
While there is a growing demand and still a shortage of distressed properties to invest in, Robert Suris, managing principal of The Estate Cos., said the completion is a milestone for the firm and also
Hialeah, which has a high barrier to entry along with being close to some of the largest employment hubs
in South Florida.
“It’s hard to believe that this property was originally a shuttered hotel,” Suris said. “However, with smart
planning and a forward-thinking approach, we took bold and creative steps to capitalize on this opportunity and completely transformed the hotel into a beautiful four-story, garden-style community.
We thank the city of Hialeah for their support and vision.”
Fronting West 49th Street, a large commercial corridor in Hialeah, will be national retailer Panera, which will occupy a 2,036-square-foot outparcel with a drive-thru. Alture Westland is next to the Palmetto
Expressway and the 103rd Avenue exit, one of Hialeah’s busiest corridors.
As demand grows, there will be more opportunities to invest in distressed properties when more inventory becomes available, according to Louis Granteed, senior vice president of real estate for Tobin Real Estate in Hollywood. Granteed said commercial investors that normally buy with cash are more cautious and waiting for the right deals.
In Hialeah, the average rent for an 822-square-foot apartment is $1,788, according to RentCafe.com. Biltmore Estates, the most popular neighborhood in Hialeah, averages $2,294 a month in rent, followed
by Country Lake Manor and Flamingo Villas, which are between $1,910 and $1,952 a month.
November 2022. Daily Business Review.
https://www.law.com/dailybusinessreview/2022/11/15/distressed-property-trend-defunct-hotel-transformation-complete-in-hialeah/
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