Former Space Club owner Louis Puig recently purchased a multi-family apartment complex for $5.567 million at 333 Jefferson Avenue in the South of Fifth neighborhood in South Beach, Miami Beach, with the intentions of converting it in a boutique apartment hotel licensed for short-term stays/rentals. The property is bounded by 4th Street on the north, Meridian Court on the east, 3rd Street on the south and Jefferson Avenue on the west. As per public record, Susan Gale with ONE Sotheby’s International Realty represented the seller, 333 Jefferson Holdings. Gema Ruiz of Cedano Realty Advisors and Jose Maria de Guzman represented the buyer.
The multi-family buildings, constructed in 1939, sits on two lots of land recognized as lots 13 and 14 on block 76. The combined floor area between the two parcels is approximately 14,000 square feet. The conversion of the property comes as no surprise considering the rise in popularity of short-term rental projects throughout Miami and Miami Beach. The existing 24 residential units will be downsized to 20, including 4 units for annual leases, and the remaining 16 for short term rentals. Apartments will be offered in a mix of studio, 1-bedroom and 2-bedroom floor plans.
The gated structures will be redesigned in a modern contemporary fashion featuring wood trims, light-colored smooth stucco and ample landscaping in between each building.
A completion date for the conversion of 333 Jefferson Avenue has not been announced.