The Chetrit Group, a New York-based development firm, just closed on $55 million in financing to redevelop part of Collins Park: a group of Postwar modern and Art Deco properties in South Beach, some of which were ravaged by fires eight years ago.
CG Sunny Isles, a company managed by Joseph Chetrit, took out the funds from BB&T, according to Miami-Dade County records. The loan covers a group of hotels and apartments, specifically these properties: 2035 Washington Avenue, 430 21st Street, 2030 Park Avenue, 2000 Park Avenue, 425 20th Street and 435 20th Street. Together, the parcels make up a 1.65-acre chunk of premium land a block away from Miami Beach’s Bass Museum of Art. Not included is the apartment building at 2001 Washington Avenue named The Allen, an affordable housing complex that’s operated by the Miami Beach Community Development Corporation.
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On Tuesday, alongside its mortgage, Chetrit filed notice with the county that it was beginning renovations on the hotel at 2000 Park Avenue, formerly known as the Collins Park Hotel.
Read the full story at The Real Deal, by Sean Stewart-Muniz and Katherine Kallergis
