Finvarb Group, led by Ronny Finvarb, has secured a $19 million construction loan for a 12-unit residential mixed-use project at 1790 Alton Road in Miami Beach. The financing, provided by Amerant Bank, will support a five-story building which will also feature two restaurants on the first two floors, along with 19 parking spaces equipped with a mechanical lift. The upper levels will house 12 residential units, ranging from 724 to 1,185 square feet, and include a rooftop pool.
Finvarb Group acquired the 0.2-acre site at the entrance to Sunset Harbour for $4 million in 2021 and initially planned to develop a hotel with 36 rooms; however, the city instituted stricter regulations regarding hotel development in the adjacent Sunset Harbour neighborhood prompting the shift to a mixed-use project. The site is situated near the Kimpton Hotel Palomar South Beach, Marriott South Beach, and nearly complete Thompson Hotel Miami Beach, all of which Finvarb Group also developed.