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Ex-Gansevoort site to get major renovation

An investor consortium consisting of Starwood Capital Group, the LeFrak Organization and Invesco Ltd. have jointly purchased a luxury mixed-use property in South Beach that includes the former Gansevoort hotel. Terms of the deal were not disclosed.

The partners say they plans to invest more than $100 million in an extensive renovation of the overall property designed to reposition it as one of the premier hotel and condo destinations in Miami Beach. The 334-room hotel has been renamed The Perry South Beach until it is relaunched in late 2013 with a new brand after an extensive renovation.

“This is a powerhouse asset with a unique beach footprint in one of the strongest hotel markets in the nation with high barriers to entry,” said Starwood Capital chairman and ceo Barry Sternlicht. “We are excited to create an outstanding destination resort and residences in this dynamic city.”

In addition to the hotel, property includes 255 condo units, 90,000 sq. ft. of retail space including a 42,000-sq.-ft. David Barton Gym, three outdoor swimming pools, and multiple indoor and outdoor food and beverage venues. It also includes a 26,000-sq.-ft. rooftop pool and lounge, a 32,000-sq.-ft. elevated pool plaza and restaurant, and a 48,000-sq.-ft. private beach. The property occupies the entire block between 23rd and 24th Sts. on Collins Ave. and has more than 600 linear feet of beach frontage.

The condominiums will also be improved and then offered for sale later this year. They will have access to the full hotel services, as well as the project's pools and food, beverage and fitness venues. The repositioning will also include several new local and national stores and restaurants in the retail corridor along Collins Avenue, the partners said.