685 Fifth Avenue /New York, New York
DFA partnered with a leading New York developer and an international hospitality developer to purchase floors 5-20 of the historic Gucci Building at 685 Fifth Avenue in Manhattan from GGP for $135 million. The upper floors, currently office space, will be repurposed into a luxury residential condo hotel, with amenities including a rooftop pool, gym, spa, and concierge. The property will be operated by a leading international hospitality company.
Raleigh Hotel /Miami Beach, Florida
DFA partnered with its operating partners for 685 Fifth Avenue to purchase the historic Raleigh Hotel in the heart of South Beach. The property, currently closed, will be restored and redeveloped into a luxury residential condo hotel, with amenities including a restoration of “the world’s most beautiful pool,” a new luxury spa and beach club, and several new food and beverage outlets managed by a world-renowned chef. The property will be operated by a leading international hospitality company.
Richmond Hotel /Miami Beach, Florida
DFA and its luxury hospitality partners acquired the Richmond Hotel, located between the Raleigh and South Seas hotels on Collins Avenue between 17th and 18th streets, completing the assemblage of a site with 217 feet of South Beach oceanfront. The historic 92-key Richmond has been operated as a family-run hotel since its completion in 1941.
South Seas Hotel /Miami Beach, Florida
DFA and partners also acquired the South Seas hotel as part of a combined 2.9-acre site on the Miami Beach waterfront. The 118-key hotel, completed in 1941 alongside the Richmond, will be redeveloped along with the Richmond and Raleigh into a new luxury residential concept that preserves the historic character of all three art-deco hotels.
9200 Wilshire Boulevard /Beverly Hills, California
DFA partnered with its existing luxury development partners to acquire one acre of vacant land at 9200 Wilshire Boulevard in Beverly Hills, steps from Rodeo Drive. The “shovel-ready” site will be developed into 54 luxury residential units with ground-floor retail and underground parking. One of the only new multifamily developments in Beverly Hills in years, the property will feature a rooftop pool, gym, and concierge operated by a leading international hospitality brand, with delivery scheduled for mid-2021.
Boynton Yards /Boston, Massachusetts
DFA is partnering with a global investment firm and a local life sciences developer to construct a 289,000 SF lab office building in Somerville, Massachusetts. The site is approximately 1 mile from the campus of MIT and is part of a mixed-use master-planned development adjacent to a new stop on Boston’s under-construction Green Line transit extension. The 9-story property with ground-floor retail and underground parking will offer modern purpose-built lab space in a tight market that is the center of the life sciences world.
LakeHaus /Minneapolis, Minnesota
DFA is partnering with a leading local developer on the ground-up development of a best-in-class 200-unit apartment community on a 1.7-acre site located on the shores of Lake Calhoun in Minneapolis. Ground was broken in December 2018. The building will consist of 36 studio, 85 one-bedroom, 75 two-bedroom, and five penthouse units, with spacious courtyards, underground parking, gourmet grilling stations, a top floor clubroom, and an outdoor pool overlooking the lake. Set for completion in 2020, the property will provide sweeping views of Lake Calhoun, downtown and the surrounding area.
Lodge at Boulder /Boulder, Colorado
DFA is partnering with the developer of the LakeHaus property to recapitalize and renovate a student housing property adjacent to the campus of the University of Colorado at Boulder. The Lodge at Boulder is a 220-unit, 355-bedroom property built in the 1970s, which DFA and its partner plan to renovate into a like-new property, upgrading the clubhouse, interior finishes, and mechanical systems to modern standards of comfort and energy efficiency. Following our partner’s successful upgrades of portions of the property, DFA’s recapitalization will fund upgrades for the rest of the property to meet the needs of CU’s fast-growing student body.