Robert Rivani's Black Lion Investment Group Expands South Beach Holdings With One Ocean Acquisition For $12.25 Million

Real estate investor Robert Rivani’s Black Lion Investment Group has expanded their South Beach holdings with the acquisition of the ground floor restaurant space in One Ocean, a 50-unit luxury condominium building in Miami Beach’s exclusive South of Fifth neighborhood. Rivani paid $12.25 million for the space which offers an indoor area of 10,404 SF and an outdoor area of 3,588 SF. The property is at the intersection of South Pointe and Ocean Drive, surrounded by high-end retail and residential towers including Continuum South Beach and Apogee. Additionally, the property is just a short walk from the South Pointe Park and the beach, with restaurants like Planta, Nikki Beach, Pura Vida, Carbone, Joe’s Stone Crab, Lucky Cat by Gordon Ramsay, Milos, Jia, Intimo, Fogo de Chao, Papi Steak, and Prime 112 just steps away. The transaction was overseen by Fabio and Sebastian Faerman of FA Commercial who represented Black Lion. Rivani plans to bring a world-class restaurant from a global hospitality brand to the space.

“South of Fifth is one of the hottest neighborhoods in the world and we wanted to own another piece of it,” said Robert Rivani. “I have assembled a powerhouse portfolio of fine dining hospitality locations along South Pointe Drive totaling over 50,000 square feet. Our vision is to impact the industry with our foothold in the market and proven track record for conceptualizing unique lifestyle experiences and bringing in global brands–kickstarting a domino effect that will set the precedent for future cities to follow.”

Rivani now controls what he has dubbed “Restaurant Row” on South Pointe Drive which includes roughly 19,000 SF at the nearby Marea which he acquired for $19 million and the 12,000 SF restaurant space at Continuum South Beach for $11.5 million, which announced Catch as their future tenant today.

Rivani specializes in acquisition and ownership of flagship restaurant properties, having quickly expanded his South Florida holdings with the acquisition of over $100 million in commercial real estate assets across South Florida. Black Lion’s recent acquisitions include the restaurant space in Marea which features Kosushi and RED Steakhouse as tenants, the restaurant space in One Thousand Museum, SLS LUX’s restaurant space which now features Gekko by David Grutman and Bad Bunny, Continuum South Beach which today announced Catch as its future tenant, the Amara at Paraiso space which features the bayfront Amara restaurant operated by Chef Michael Schwartz, Wynwood Jungle which will soon welcome Fables Supper Club and the soon-to-open Delilah at the Brickell Bay boardwalk.

Michelin Starred Chef Michael Beltran's Ariete Hospitality Group Set To Open First Restaurant In Miami Worldcenter November 28

Buckle-up Miami, after nearly a decade of construction, Downtown Miami’s new $4 billion, 27-acre Miami Worldcenter mixed-use development, will welcome its first tenant on November 28 when Michelin Starred Chef Michael Beltran’s Ariete Hospitality Group (AHG) opens Brasserie Laurel. Brasserie Laurel will deliver upscale French-inspired Miami cuisine with a focus on local, seasonal ingredients and will provide a wide array of table-side service for some of their signature dishes. The quality of food preparation and service will be at the levels of Ariete where it is no secret that the drive is to deliver world-class hospitality and maintain the highest of standards.

Miami Worldcenter, which is currently coming alive in phases, will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant, and entertainment space. Brasserie Laurel will join other recently announced tenants slated to open at Miami Worldcenter over the next year such as Sephora, lululemon, Savage x Fenty, Ray-Ban, Posman Books and Lucid Motors, as well as dining and entertainment concepts Bowlero, Sports & Social, and Chicago’s Maple & Ash and etta restaurants.

AHG is known for their growing family of restaurants and bars including Ariete (Michelin Star), Navé (Michelin Guide mention), Chug’s (Bib Gourmand recipient) and The Taurus all in Coconut Grove; The ScapeGoat in Miami Beach, and most recently The Gibson Room on Coral Way.

“We see Laurel as Ariete’s younger sister, and if I had to share one thing about the ideology behind this menu, it would be that it’s a new approach to French brasserie food. Think Frank Sinatra, Dizzy Gillespie, La Tour d’Argent in Paris. Music will be swanky; food will be refined, but unpretentious, and wine and cocktails will be plentiful,” said Chef Michael Beltran.

At the helm of the kitchen is Executive Chef Ashley Moncada, formerly Chef de Cuisine at Ariete, bringing in 8+ years of experience in the industry and who has been until most recently, an integral part of the Michelin awarded team at Ariete. Having worked in France, Australia, New Zealand, UK, and South Africa, Chef Ashley, at her young age, has gained world experience, from shopping and preparing fresh produce in the French Alps, to cooking in an African game reserve, her skills will certainly be an asset, and the driving force behind the brasserie’s kitchen.

From escargots, frog legs, and beef Wellington to crêpes Suzette, you will find these classic French dishes accompanied by full-bodied red Bordeaux, crisp Champagne, refreshing Sauternes, among other pairings. “The wine offering is unequivocally French, but not exclusively; you will also be able to find some Spanish and Italians among Old World style wines available at Laurel,” commented AHG Wine Director, Adrian Lopez.

The cocktail program embodies a theme that runs throughout AHG: reworking the classics in a way that no one else has, a way that makes them uniquely their own; it’s a signature style of AHG Beverage Director, Tom Lasher-Walker. Taking ingredients, in their purest form and transforming them into delectable cocktails, is unquestionably the epitome of fine drink making.

“My philosophy is always to bring inspiration from the classics and creating perfectly balanced beverages, those are the styles that will stand the test of time,” mentioned Walker. From two versions of the House Stinger (vodka or cognac), a Miami and French inspired - Beneath the Sheets- with aged rum and pineapple, to a late 1800’s beverage known as the Corpse Reviver Royal with gin, bubbles, and absinthe; and if absinthe hadn’t made enough of a come- back, then Brasserie Laurel will make sure to bring it back in style. The absinthe fountain, while not a novel contraption, will certainly be an entertaining element that you will find behind their bar.

Brasserie Laurel’s interior is inviting and elegant, yet youthful and incorporates a touch of classic French aesthetic. The dark wood, gold, and deep blue elements give it a polished and vibrant look that showcases the quality and finesse of the dining experience.

“Our team is thrilled to welcome our first restaurateur, Brasserie Laurel, to Miami Worldcenter. Ariete Hospitality Group exemplifies the quality of tenants and the experience we are curating for Miami Worldcenter’s residents and visitors,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Bringing life to the retail, food and beverage, and entertainment components of Miami Worldcenter’s master plan is critical to transforming our 27-acre site into a thriving open-air destination, and we look forward to the group’s additional concepts slated to open soon.”

Laurel is located at 698 NE 1st Avenue Suite G-170 at the base of Miami Worldcenter’s Caoba residential tower along the development’s 7th Street pedestrian promenade. Also debuting at Miami Worldcenter over the coming months, adjacent to Laurel, will be two other AHG’s concepts, Chug’s Express and El Vecino. The ‘ventanita’ from Chug’s Express will serve Chug’s Diner favorites such as croquetas, pastelitos, and coffee from 8 a.m. to 4 p.m. Meanwhile, El Vecino will be a high-end first-class cigar bar serving a full liquor bar and light fare such as mussels, an assortment of meat and cheese, a grúyere burger, foie torchon, and a selection of snacks.

Miami Worldcenter is a new $4 billion mixed-use destination in the heart of Downtown Miami. As one of the largest private urban real estate developments currently underway in the United States, the project occupies 27 acres spanning ten city blocks and offers world-class retail, hospitality, commercial office and residential uses. Several phases of the project have already been completed and occupied, including three residential towers and a significant portion of the retail component, with a hospitality development slated to open by the end of 2022. The project is being developed by master developers Miami Worldcenter Associates, led by Principal Art Falcone and Managing Partner Nitin Motwani, in partnership with CIM Group.

Images via FujiFilmGirl

Stonerock Capital Partners Launches Leasing At Twin Office Buildings On Flagler Street In Downtown Miami

Stonerock Capital Partners has launched leasing at 200 SE First Street and 44 W Flagler Street, the twin office buildings they acquired this year. Leasing is being overseen by Avison Young. The buildings include modern, move-in-ready spec suites, controlled access, 24/7 security, touchless systems, state-of-the-art fitness centers, and sleek conference centers. Both properties are also centrally located, with easy access to public transportation.

Both office buildings are within the Miami DDA Grant Incentive Program boundaries available to new-to-market businesses or expanding businesses that will either relocate or hire a minimum of ten (10) new employees to the district within three years.

200 SE 1st is both office and data warehousing space, which is a huge benefit for tech occupiers. 44 W Flagler continues to be ideal for legal tenants, as it fronts the Miami-Dade courthouse, the new Miami-Dade courthouse that is being built, and many other complementary government and legal buildings. Additionally, 44 W Flagler marks the gateway to the Flagler Improvement District, which is undergoing a $30 million renovation.

Over the past few years, Miami has matured as a major metropolitan area, with a wave of corporate relocations, especially fintech, financial services, banking, and private equity firms. With the increasing population and demand for office space, Downtown Miami, nestled just north of the thriving Brickell financial district, is undergoing a revival. The corridor along Biscayne Boulevard already boasts some of Miami’s most expensive residential towers.

According to Avison Young research, Downtown Miami has seen several new-to-market tenants contributing to 152,171 square feet of net absorption for the year to date, more than any other Miami submarket. The activity has pushed vacancy down faster downtown than in Miami overall, a trend that is likely to continue as more firms execute return-to-office strategies.

“Miami has achieved an incredible level of sophistication, but, when looking at the market, we found that many buildings are failing to cater to tenant needs. Companies are bringing employees back to the office and need enticing spaces and accessible locations. At 44 and 200, we’ve partnered with top designers to create beautiful offices, ensure swift turnaround on tenant improvements, and offer a thoughtful package of upgraded lifestyle amenities,” says Stonerock CEO Jake Handelsman

Stonerock has begun the implementation of its renovation plan, creating two distinct experiences for companies to choose from.

“Well-located downtown office buildings with quality amenities and retail have proven to be more attractive to workers,” says Donna Abood, Principal and Managing Director of Avison Young’s Miami office whose team will spearhead leasing at 200 Southeast First and 44 West. “Additionally, move-in-ready office suites set these buildings apart as Downtown Miami continues to see increased interest from relocating tenants.”

200 SE First Street is a 12-story building with ground-floor retail. The company has approved plans for a complete facade remodel. Designed by upscale YF Designers, the new facade will better reflect the building’s newly renovated modern minimalist interior. As well, Stonerock has revitalized the building’s data center, giving the local market access to expanded data capacity.

44 W Flagler Street is a 25-story office tower anchored by First Horizon Bank, directly across the street from the Miami-Dade County Courthouse. Aside from quality tenant improvement plans, Stonerock has implemented a parking plan and added touchless systems and controlled access. Stonerock is committed to sustainability and has incorporated green materials and energy-efficient features such as LED lighting and touchless systems.

Shahab Karmely and Edgardo Defortuna To Co-Develop One River Point On The Miami River

Following their mutual success with 2000 Ocean, where Fortune International Group handled the sales and marketing, and Brickell City Center’s Reach & Rise residential sell out, New York developer, Shahab Karmely of KAR Properties and Miami Developer Edgardo Defortuna of Fortune International Group, have announced that they will co-develop One River Point in partnership with each-other.

Together with their new entity, One River Point Partners, LLC the pair purchased the site from the original entity of One River Point paying $58.85 million. The parcel enjoys an enviable location in the city’s epicenter, just steps from the Brickell financial district and luxury retail shopping and entertainment center, Brickell City Centre, as well as the major transportation hubs, and within minutes from Miami Beach, the Port of Miami, major international airports, and cultural landmarks such as the Adrienne Arsht Center, American Airlines Arena and Perez Art Museum.

The fully approved One River Point project, designed by the star architect, Rafael Viñoly, is currently being adapted to today’s market and lifestyles. The developers are putting together the final touches on the personality and lifestyle components of the property and plan to take it to the market in 2023.

Defortuna cited his past success with Karmely and the unique prospect of co-developing a waterfront site in one of Miami’s prime neighborhoods to be a rare opportunity and the driving force behind the decision.

“We remain extremely bullish on the market and on the future of the Miami River. South Florida is one of the top living destinations attracting people from all over the world and waterfront living is the apex of the Miami luxury lifestyle,” said Edgardo Defortuna, President and CEO of Fortune International Group.

“Following up on our achievements with Reach and Rise at Brickell City Centre project and our continued collaboration of sales and marketing on 2000 Ocean, we are happy to announce the next phase of our business relationship” said Karmely. “I’ve always maintained that the Miami River’s setting, location and views had the same potential as London’s River Thames, Paris’ Seine or Tokyo’s Sumida River where residents enjoy the best of waterfront cosmopolitan living. Edgardo and I are excited to realize the original vision and fine tune the details to take this project to the next level together,” he added.

One River Point, is internationally-acclaimed Rafael Viñoly’s first residential project in Miami. The Uruguayan architect and founding principal of Rafael Viñoly Architects has a diverse portfolio of award-winning projects spanning the globe, from museums and performing arts centers to hotel and residential complexes, throughout his 45 years of architectural practice, Rafael Viñoly is credited for his design originality in landmark projects and inspiring architecture. His achievements include New York’s 432 Park, The Cleveland Museum of Art, Tokyo International Forum and Battersea Power Station, which has effectively transformed riverfront living in the heart of London.

Mens Activewear Brand Rhone Opens First Miami Store In Brickell City Centre

Mens high performance activewear brand Rhone has opened their first Miami store, located at the coveted Brickell City Centre. The store marks the brand’s 8th brick-and-mortar location and first in the Southeast region. The new 1,464 square-foot space is the latest demonstration of Rhone’s commitment to fostering meaningful customer connections through a thoughtful store experiences, providing a one-stop-shop for accessing unparalleled performance apparel.

The store features an inviting, open floor plan alongside crisp, modern design elements, exemplifying Rhone’s dedication to community, innovation, and style. Customers will have the opportunity to shop Rhone’s latest offerings, including their widely loved Commuter Collection, premium activewear including treated with their proprietary GoldFusion anti-odor technology, along with key essentials like socks, underwear and tees.

Photo Credit: Michael LeGrand/Jeffrey Totaro Photography

Brightline Gives A Sneak Peak Preview At The Nearly Completed Aventura Station

On November 2, 2022, Brightline, the only provider of modern, eco-friendly, intercity rail in America, along with Miami-Dade County Commissioner Sally Heyman and City of Aventura Mayor Enid Weisman held a first look of the future Aventura station, which is set to open in weeks. County and city officials were joined by members of the media and the Citizens’ Independent Transportation Trust (CITT) as some of the first to preview the Aventura Station.

The event began at 10 a.m. with brief remarks by Brightline’s president, Patrick Goddard, followed by Commissioner Heyman, Mayor Weisman and CITT Second Vice Chairman Robert Wolfarth. The remarks were followed by a tour of the station and concluded with media interviews. The group was joined by city officials from the City of Aventura including the incoming commissioners and mayor, Howard Weinberg.

Located across from Aventura Mall, Brightline’s Aventura station, platform and vertical towers feature 34,000 square feet of space and an 860-foot center loaded platform located within the Florida East Coast Railway and Brightline right-of-way.

Brightline will provide frequent, express service from the Aventura station to downtown Miami during the peak morning commute period and return service during the evening rush hour period. Trip time between downtown Miami and Aventura is expected to take about 17 minutes. Miami-Dade County will offer subsidized fares for a percentage of riders between Aventura and MiamiCentral.

The station will include its signature autonomous MRKT, SMART and PREMIUM lounges and Brightline+ services. After passing through security, Brightline passengers will be able to access the skybridge from the passenger lounge utilizing an elevator or escalators to the vertical transportation towers. Brightline has also started the design of its east bridge that will connect the platform to Aventura Mall.

The Aventura station has been designed to LEED (Leadership in Energy & Environmental Design) Silver criteria as part of Brightline’s goals to reduce contribution to global climate change, enhance individual human health and protect water resources. These LEED Silver station design features include a solar canopy and installation of electric charging vehicles to reduce emissions and encourage clean transportation, a careful selection of materials to increase healthy indoor spaces and smart technology to reduce water use.

The Brightline Aventura station will be located at 19796 West Dixie Highway, Miami, FL 33180.

Development Site In Miami's Little River Neighborhood Trades For $13.3 Million

Little River has been a hotspot for investment and yet another significant transaction has as an undisclosed buyer acquired a development site for $13.3 million. The sale included 2.2 acres on NE 2nd Ave in the northern section of Little River, located at 8038 NE 2nd Ave. Gridline Properties’ Broker and Principal Alfredo Riascos represented the seller, Thomas Conway of Conway Commercial Real Estate. Tony Arellano of DWNTWN Realty represented the buyer. The buyer nor its plans were disclosed citing confidentiality.

“Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” said Riascos.

Creative neighborhoods like Little River have been the focus of a lot of attention and recent capital inflows. DWNTWN Realty Advisors and Gridline Properties worked together seamlessly on a complex transaction that will have a positive impact on Miami and the Little River neighborhood. Population and job growth are fueling the demand for housing and neighborhoods as the City of Miami continues to grow. Despite the economic headwinds, Miami seems to be positioning itself as a safe haven for capital investments and quality of life upgrades for employers and individuals.

Conway recently sold the neighboring Ebb & Flow retail strip center comprised of two buildings on two lots for $18.15 million in July 2022. Riascos represented Conway in the Ebb & Flow transaction as well. The all-cash deal marked one of the largest single transactions in Little River for value-add creative retail.

“In recent months, the Northeast Second Avenue corridor of Little River has received remarkable attention from investors and developers seeking to capitalize on the emerging retail and development taking place between 79th and 84th Street," said Riascos. “This property may be one of the last remaining sites that offers institutional size and scale for future development along NE 2nd avenue. We are excited to be part of the tremendous growth and continued success of Little River.”

A hub for re-adapted industrial buildings, Little River has attracted an array of creative and design-oriented businesses that have identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

Two MICHELIN-Starred Chef And Restauranteur Ryan Ratino To Open New Restaurant In Four Seasons Fort Lauderdale

Fort Hospitality Group, owner of Four Seasons Hotel and Residences Fort Lauderdale, today announced that two Michelin-starred chef and restaurateur, Ryan Ratino, of Hive Hospitality restaurant group’s Washington, DC-based concepts, two Michelin-starred JÔNT and Michelin-starred Bresca, will bring a new dining destination to the property’s beachfront.

Located along the prime northern end of the oceanside boulevard, in the heart of Fort Lauderdale’s celebrated coastal community, the restaurant designed by London-based Tara Bernerd & Partners will bring a new inimitable culinary experience to Four Seasons guests and residents, as well as to the greater Fort Lauderdale community.

Led and managed by Executive Chef Ratino, Culinary Director Chef Brendan Mahon, and Director of Operations Jhonatan Cano, the restaurant, slated to open in 2023, will focus on pairing exceptional hospitality with flawless execution. Taking advantage of its oceanfront location and abundance of rich ingredients, the team will work in deep connections with those who grow, harvest, fish, forage, hunt, and farm.

The culinary team aims to tear down the walls between kitchen and patron and immerse guests in a progressive tasting menu where they will age, ferment, and pickle new paths in the pursuit of dynamic flavor profiles. Breaking with traditions, each taste is playful with process and tricky with techniques at the intersection of place and possibility.

Whether in the dining room or on the lush and intimate oceanfront outdoor garden, guests will have the opportunity to order a la carte or select the signature chef tasting menu consisting of six to eight courses. Nestled within the dining room will also be an intimate chef’s table offering eight to 10 prix fixe courses.

The restaurant will complete the dining experience at Four Seasons Hotel and Residences Fort Lauderdale, the newest addition to the city’s luxury landscape in the nation’s yachting capital. Earlier this year, the property opened with Honey Fitz, an inviting café and wine bar located in the lobby also designed by Tara Bernerd, and Evelyn’s Fort Lauderdale, an eastern Mediterranean restaurant located on the Ocean Sun Deck with elegant interior design by renowned hospitality designer Martin Brudnizki.

Four Seasons Hotel and Residences Fort Lauderdale is also home to two oceanfront pools, a serene spa sanctuary, 189 accommodations including suites and hotel residences, and 83 two- to four-bedroom private residences with generous outdoor terraces with panoramas of the Atlantic Ocean and the Intracoastal Waterway. There is currently one four-bedroom, six-bathroom penthouse residence, offering a private elevator, rooftop deck and phenomenal views, still available for purchase.

In addition to Four Seasons Hotel and Residences Fort Lauderdale, the Fort Hospitality Group portfolio of Four Seasons in South Florida includes Four Seasons Hotel and Residences at The Surf Club, Four Seasons Resort Palm Beach, and Four Seasons Hotel Miami.

Major Food Group Unveils Contessa In The Heart Of Miami Design District Set To Open October 28

Tomorrow, Major Food Group (MFG), the globally acclaimed hospitality brand Vogue recently described as “carrying Miami’s decadent dining scene practically single-handedly”— will debut the refined, widely celebrated Italian concept Contessa in the Miami Design District. The restaurant occupies a two-story space in the famed development located at 111 NE 41st Street and open for lunch, and dinner.

Inspired by the old-world sophistication of Northern Italy’s iconic villas and estates, Contessa is a classic yet thoroughly contemporary dining destination by MFG Co-Founders and creative forces Jeff Zalaznick, Mario Carbone, and Rich Torrisi. The original location of Contessa debuted last year on the rooftop of The Newbury Boston and quickly cemented its reputation as one of the most glamorous and exceptional Italian restaurants in America. Forbes wrote that Contessa is “the place you’ll want to trade in the sweatsuit for high heels or a suit.” The luxury magazine Boston Common declared it the “crème de la crème” of the city’s dining scene. And in a rave, Boston Magazine concluded that “The food is terrific. The views are sublime. The wine list—a Nebbiolo nerd’s cherry-toned, vertical-vintage playground—is deep and dreamy.”

“Contessa Miami channels the singular sense of refinement and pleasure of those Northern Italian meals we wish could go on forever, right in the heart of the Magic City. I can’t think of a more perfect location to bring this restaurant to life, and to share with the people of Miami a menu dedicated to a rich and elegant region we’ve long hoped to celebrate.” Said Mario Carbone, MFG Co-Founder.

Beyond impeccable Northern Italian fare, Contessa Miami promises MFG’s signature warm, charismatic, and polished hospitality, carefully tailored to the city the company has called home since 2021, when it embarked on a groundbreaking run of restaurant openings in the region, including ZZ’s Club in the Miami Design District, CARBONE and HaSalon on Miami Beach, Dirty French Steakhouse in Brickell and Sadelle’s in Coconut Grove. The company now operates a portfolio of over 40 restaurants, bars, private clubs, and hotels spread across the globe. In addition to Contessa Miami and a range of upcoming projects in the United States and abroad, the company has several new openings planned for South Florida within the next six months.

“From the moment we arrived, I fell in love with the Miami Design District and the most iconic corner inevitably made for our beloved Italian restaurant. Contessa is grand and glamorous; it’s designed to be an all-day anchor where you can eat, drink and celebrate into the night in the most elegant yet energetic neighborhood in Miami. Our mission is to continue innovating and elevating luxury dining experiences in the Magic City and I’m honored to once again have the opportunity to collaborate with my dear friend and visionary, Craig Robins." Said Jeff Zalaznick, MFG Co-Founder.

Culinary images via Major Food Group

Renderings of Related Companies Frank Gehry-Designed Redevelopment Of The Deauville Miami Beach

Related Companies, led by the billionaire owner of the Miami Dolphins Stephen Ross, has revealed the first renderings of the Frank Gehry-designed two tower project proposed to replace the Deauville Beach Resort in Miami Beach at 6701 Collins Avenue. The two towers would feature 125 residential units and 175 hotel units with the tallest tower rising 373’. Initial plans point towards an Equinox-branded project. Related Companies owns both fitness and lifestyle brand Equinox and developed the Equinox Hotel in New York City’s Hudson Yards. On November 8 a voter referendum will decide if the developers can proceed with an increased density on the site. The proposed project has already successfully received a zoning amendment in before the Miami Beach Commission voted in favor of placing the referendum on the November 8 ballot.

The existing historic Deauville Beach Resort was designed by Melvin Grossman and was where the Beatles had their second performance in the United States on February 6, 1964. The 540-room hotel was built in 1957 but ownership in recent years has left the structure fall into a decrepit, uninhabitable state and has been declared an unsafe structure.