The new owners of a historic offices building in downtown Miami have plans to turn the property into a hotel.
Dream Downtown LLC paid $9.2 million for the seven-story building Dade Commonwealth, at 139 Northeast 1 Street, in a negotiation closed in November.
For the next 18 months to two years, they plan to keep the building as it is, but one of the ownersstated that they are planning to renovate the entire area and restore the initial height. The property was developed in 1925 and had 17 floors but was badly damaged in 1926 by a hurricane and instead of restoring, the owners at the time decided to reduce the height to a seven-story building.
In southern Florida, Dream Hotels owns a property at 1111 Collins Avenue: Dream South Beach