Built in 1951 by famed Art Deco hotel architect Roy France. The Miami Beach Historic Preservation Board approved a $30 million conversion plan in 2018, envisioning the property's transformation into an 88-room hotel, we strategically, never realized that vision. 

Instead, leveraging the significant redevelopment potential of our 88-unit, five-story property, Winter Park's TA Hotel Management Group, under Franco Asset Management, strategically acquired our historic Miami Beach residential building for $27 million.

This acquisition follows a prior investment of approximately $10 million.