Carlyle $19M Conversion Marks Start of 'Boutique Collection'

Units range in size from 1,000 sf to 3,000 sf and the selling price begins at over $1 million and reaches to $5 million for a duplex penthouse. Anton reports that 11 units are sold.

The partnership acquired the 1930s Art Deco landmark from Diesel, the fashion retailer, which initially planned to redevelop the hotel. Anton tells GlobeSt.com it acquired the asset in September for $12.5 million and invested $6 million in the renovation, which was led by the locally based architectural firm of Zyscovich Elements of Design.

The renovation is faithful to the hotel's original era, and units include crystal doorknobs, terrazzo countertops and glossy lacquer-paneled cabinetry. The public areas contain a mix of chrome, crystal and mirror finishes, and the exterior, beachfront facade of the original four-story building has been retained and refurbished. Diesel raised the roof, which made way for the top-floor duplex units, Anton says. There are two, the largest of which has three wrap balconies, including one that is 66- by 20-feet and another that is nine- by 52-feet.

The Carlyle is the partnership's first foray into Miami and the first of what Anton says is a "series of architecturally relevant landmarks" it plans to transform into "boutique high-end residential condos" within an area that reaches from Fifth Street in South Beach to 41st Street at the Arthur Godfrey Causeway. It acquired an 85,000-sf parking garage within this span, he says, in order to provide parking for residences.

He also tells GlobeSt.com that TLQ just acquired a retail stretch along Collins Avenue between 20th and 21st streets from the estate of Joseph Nevel. It will demolish the existing buildings and construct Elan, a 10-story, 200,000-sf building containing 67 condo units and 27,000 sf of street-level retail. He expects to begin construction in July.

The partnership also has a contract to acquire Nordica, a riverfront property here on which it plans to build a 500,000-sf mixed-use building, "predominantly residential condos," he says, adding, "there are more to come, but I can't disclose them yet." Locally based Fortune South Beach Realty is marketing the Carlyle and will also market Elan and Nordica.