Historic Collins Avenue Mixed-Use Building Sells For $6.5 Million

727 Collins Ave

Aria Development Group has closed on the purchase of the historic 1929 London Arms building located at 727 Collins Avenue on South Beach. The 22,000 square foot building was purchased for $6.5 million in partnership with Wexford Capital.  According to Aria Development principal David Arditi he is looking to attract a fashion/clothing/apparel tenant to compliment the already existing shopping district.

Located in the heart of Miami Beach’s Collins Avenue Shopping District, the building recently obtained approval from the Historic Preservation Board to convert the ground floor into approximately 5,000 square feet of prime retail.  This lovely building was built in 1929 as a 52-room hotel and was later converted into a 33-unit affordable multi-family building.

What a great project.

This transaction comes on the heels of Aria Development Group’s recent acquisition of 825 Collins Ave. for a planned 10,000 square foot retail development.