Infinity’s 2nd Historic Ocean Drive Property
MIAMI BEACH (July 18, 2016) – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 1200 Ocean Drive, a historic 18,287 square-foot mixed use residential property in Miami’s South Beach. 1200 Ocean Drive marks Infinity’s most recent addition to its growing portfolio of prime urban mixed-use properties, and its third South Beach property in the last year.
“We are excited to be the new owner of this building so prominently located on South Beach’s flagship corridor, and we look forward to working with the Historic Preservation Board, the Ocean Drive task force and community leaders to redevelop and re-introduce the property through an approved transformative rehabilitation that respects the architectural and design integrity for which South Beach is known,” said Steven Kassin, Managing Partner of Infinity Real Estate.
The multi-use residential building, located on 12th Street, currently houses the Palace restaurant and bar. Offering high visibility and robust foot traffic, the property is adjacent to The Sugar Factory and flanked by The Victor and Tides South Beach hotels, and located within a richly varied mix of South Beach restaurants, retailers and businesses.
1200 Ocean Drive is Infinity’s 7th Miami investment in the past year and a half. With this acquisition, it has now deployed more than $125 million into the Miami metro area.
“Acquiring 1200 Ocean Drive is consistent with our strategy to own irreplaceable mixed-use properties in the most sought after urban districts in the United States. Similar to our other SOBE property at 728 Ocean Drive, our plan for 1200 Ocean Drive is to preserve and enhance the property, including improving the building’s prominence and accessibility,” said David Berg, Investment Director at Infinity Real Estate.