MIAMI-The former International Building in downtown Miami is set to undergo an initial $6-million restoration as part of an effort to eventually develop the 1925 property into a hotel.
The restoration program to be conducted by Stambul USA of North Miami will involve the removal of obsolete sanitary and electrical systems, demolishing, replacing and reinforcing the building´s core structure, adjusting the emergency exits, windows and fire escapes to meet the current fire code requirements and repairing the original elevators.
“Our initial plan calls for a $6-million investment before we are able to move on to the hotel´s design,” states Daniel Peña Giraldi, general manager of Stambul USA, the building´s developer. “We know it is an incredible amount of work and a significant investment, but at Stambul we are committed to Miami and believe this project is important to the comeback of downtown and our community. This primary investment accounts for approximately 30% of the total investment we are planning to devote to the development of the hotel.” See the announcement on Business Wire.