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SUNNY ISLES BEACH, FL-Sky Development Inc. says it will build a 300-room full-service hotel on nearly one acre of local beachfront that was previously the site of a high-rise condo tower. The Aventura-based firm bought the property on the east side of Collins Avenue from Mully SB LLC for $9.6 million.

Plans for the hotel, to be built in partnership with RK Properties, are preliminary since both parties only closed on the property earlier this week, says Gavin Susman, COO of Sky Development. He says the buyers moved quickly to secure the site because so few are available in South Florida with Atlantic Ocean frontage.

“We got the property at a big discount,” Susman tells GlobeSt.com. Other area brokers believe Sky Development struck a good deal, at roughly $250 per sf or $32,000 per hotel room.

Mully SB planned to build 66 luxury residential condominiums on the site in a project named Da Vinci. Information about the project—including a rendering of the 27-story tower designed by renowned architect Kobi Karp—is easily available on the Internet, though a real estate agent associated with the development declined to return a telephone message about the project’s status.

Susman says construction of Sky Development’s planned hotel in Sunny Isles Beach will take up to three years. “The market definitely will be out of recession by the time it opens,” he says.

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