Clockwise from left: Peter Zalewski, 300 Biscayne Boulevard Way, “Million Dollar Miami” stars and a rendering of Residences by Armani/Casa (inset: Giorgio Armani and Gil Dezer)

The South Florida real estate market boomed in 2014, and The Real Deal was there with breaking news, features and analysis of the industry’s most important trends. As we head into 2015, we look back at the web stories that garnered the most attention from readers over the past year. Here are the top stories as determined by the number of page views between Jan. 1 and today, Dec. 29: 

Aerial of 300 East property

Argentine investor gets downtown land for $125M

In July, Riverwalk East Developments bought the 1.25-acre parcel at 300 Biscayne Boulevard Way, adjacent to the EPIC Hotel & Residences in downtown Miami, for $125 million. CBRE brokers arranged the sale between developers Ugo Colombo and Diego Lowenstein and Riverwalk East. State corporate records link the purchaser to the Coto family. Led by prominent businessman Alfredo Coto, the Coto family runs the large Coto Supermarkets chain in Argentina.

Chad Carroll, Samantha DeBianchi and Chris Leavitt (via Bravo)

“Million Dollar Listing Miami” cast unveiled

After months of speculation, Bravo revealed the 2014 cast of “Million Dollar Listing Miami.” Samantha DeBianchi and Douglas Elliman Real Estate’s Chad Carroll and Chris Leavitt are the three brokers featured on the show, which premiered in June. World of Wonder Productions produced the Miami edition of “Million Dollar Listing.”

Peter Zalewski

Downtown Miami’s new condo market faces greatest “risk of over-saturation”

Peter Zalewski, who answers reader-submitted questions in his Friday column for The Real Deal, answered the following in July: It has been a while since you have written about the preconstruction condo market in the South Miami Avenue corridor of the Brickell Avenue Area in Greater Downtown Miami. What’s the latest with the preconstruction pipeline on South Miami Avenue? Do you still see South Miami Avenue as being at risk of over-saturation?

Zalewski said that at that point, the lack of bank financing for condo construction, combined with high presale deposit requirements for buyers, appeared to curb any serious chance of an imminent crash.

From left: Craig Studnicky, Alicia Cervera, Nelson Gonzalez and Jay Parker

New Yorkers snap up Miami sites as Russian investors exit

While Russian buyers fled Sunny Isles Beach, investors from New York and Los Angeles have flocked (and continue to do so) to Miami to buy luxury homes, according to a group of brokers who participated in a panel discussion during The Real Deal’s Annual Real Estate Forum and Showcase in the Design District’s Moore Building. Panelists included Douglas Elliman’s Jay Parker, who predicted an influx of Chinese buyers in 2015. “There is significant interest from China to get into Miami,” he said. “Once it starts, it will be quite robust and opportunistic.”

Emile Farah and Liliana Gomez

EB-5 designation could spur foreign investment boom in Miami

Chinese investors were first up among the growing pool of foreign nationals expected to take advantage of the immigration status perk from EB-5, a visa program that can lead to permanent residency in the U.S. The timing of Miami’s designation as an EB-5 Regional Center for Foreign Investment came shortly after major changes in another popular target market — Canada. In February, the Canadian government canceled its Immigrant Investor Program and in effect redirected more than 45,000 mainland Chinese investors to the U.S. They have now replaced South American investors as the largest group to utilize EB-5 in Miami.

Rendering of Residences by Armani/Casa. Inset: Giorgio Armani and Gil Dezer

Armani makes Sunny Isles condo project official

The long-anticipated Sunny Isles Beach collaboration between the Armani Group, Dezer Development and the Related Group was made official in July. Armani/Casa Interior Design Studio and the developers are partnering on a 60-story condo tower dubbed Residences by Armani/Casa in Sunny Isles.

Argentine architect Cesar Pelli designed the 260-unit luxury project at 18975 Collins Avenue. The group hopes to finish the tower in 2016.

Oleg Baybakov

Russian billionaire grabs Edgewater site

Russian mining oligarch and developer Oleg Baybakov jumped on the Edgewater bandwagon. A company tied to Baybakov paid $21.5 million for a 37,462-square-foot property in the burgeoning Miami neighborhood, county records revealed. Seller HypCor700 of Miami enjoyed a nice return on its 18-month investment. It paid $9.9 million for the property in August 2012. There are at least 10 condo towers currently proposed for the area, including Related’s Paraiso Bay, Melo Group’s Bay House and Eastview Development’s Biscayne Beach.

Wynwood

Documentary explores gentrification of Wynwood: VIDEO

Local filmmakers Camila Alvarez and Natalie Edgar collaborated on “Right to Wynwood,” a look at how Wynwood transformed from the city’s oldest Puerto Rican community to an art hub with many galleries and studios. The 21-minute documentary covers how the late Tony Goldman spearheaded Wynwood’s gentrification. Joseph Furst of Goldman Properties and David Lombardi are among the developers interviewed in the film. Artists, gallery operators and community leaders also opine on the neighborhood’s evolution.

Golfer Rory McIlroy and Ocean’s Edge at Singer Island

Par for the course: McIlroy buys more Palm Beach property

British Open winner Rory McIlroy dropped $2 million in cash on a 10th floor penthouse at Ocean’s Edge at Singer Island. His latest condo buy at the 5050 North Ocean Drive building features 3,100 square feet and three bedrooms.

Over the past two years, McIlroy has spent $13.75 million on Palm Beach properties, including a $9.5 million waterfront mansion in the Old Gate neighborhood of Palm Beach Gardens and the vacant property next door, which he picked up for $2.25 million.

Michael Comras and Luis Castillo

Investors swarm Miami’s Design District

New York-based real estate investors poured money into Miami’s Design District as the area evolves into a luxury retail hub. The district’s conversion is led by Craig Robins’  Dacra and private equity partner L Real Estate Advisors, which lured A-list tenants like Cartier, Hermes and Louis Vuitton to the district. Their $1 billion mixed-use project could bring a total of 120 high-end retailers to the 19-acre site by fall 2015. The district’s traditional tenant base of furniture and home furnishing retailers is looking to relocate to neighboring blocks in anticipation of being forced out by the luxury brands.

Coral Gables-based FCP Marquesa bought 252 condominium units at the garden-style Marquesa Apartments for $38.5 million, according to a published report.

The purchaser of the units at Pines Boulevard and Southwest 118th Avenue near the Pembroke Lakes Mall is an affiliate of Fortune Capital Management Services, which is run by Miguel Poyastro.

The units, built in 1999 and converted to condos in 2005, sold for an average of $142,063 per unit.

The deal was financed by Florida Community Bank with a $31 million mortgage, the South Florida Business Journal reported. Marquesa Associates and Pembroke Partners were the sellers. Both are affiliates of Stonebridge REIM, which is based in Washington, D.C.

Marquesa Associates bought 240 of the units for $28 million — $117,708 per unit — in 2012. Pembroke Partners bought the other 12 units individually, according to the report.

Marquesa Apartments has a total of 469 units.[South Florida Business Journal] — William J. Gorta

Terra Group’s David Martin

A developer saved more than $140,000 in property sales tax in an off-the-record purchase of a Coconut Grove apartment complex, according to a published report.

The sale price was undisclosed but an affiliate of the development company Terra Group, which bought the Summer Hill Apartments, immediately took out a $23 million mortgage on the seven-story, 97-unit building at 2678 Tigertail Avenue.

Instead of buying the building in an open sale, the buyer, CG Summer Investments, became a managing member of the previous owner, Sugar Hill Apartments, which was incorporated in 1968, the South Florida Business Journal reported.

Florida law permits related entities to transfer deeds between them, thus allowing Terra to pay just 60 cents, rather than more than the $140,000 it would have likely been liable for based on the size of the mortgage, the publication

reported.[South Florida Business Journal] —William J. Gorta

Miami-area hotels raise rates by nearly 500 percent for New Year’s Eve

1. Miami retail/office center sold for $25 million [South Florida Business Journal]
2. Florida’s minimum wage rises to $8.05 an hour on Jan. 1 [Palm Beach Post]
3. Top 10 South Florida gambling stories for 2014 [SouthFlorida.com]
4. Miami-area hotels raise rates by nearly 500 percent for New Year’s Eve [South Florida Business Journal]
5. Statute of limitations dooms Deutsche Bank in foreclosure [Daily Business Review]

— Katherine Kallergis

Current reader favorites:
1. Nakash family buys South Beach’s Setai Hotel for $90M
2. What top Miami developers are predicting for 2015
3. What top Miami brokers predict for 2015
4. Arquitectonica sued for American Airlines Arena design errors 
5. Russian currency crisis may affect Miami’s foreign buyers

1430 South Miami Avenue and Dr. Shanjie Li

A Beijing company purchased a Brickell development site for $74.7 million in cash.

An affiliate of China City Construction and New York-based American Da Tang Group reportedly bought the 2.39-acre construction site at 1430 South Miami Avenue.

A recent change in immigration restrictions allows some Chinese to apply for 10-year visas, the Daily Business Review reported.

“Miami is a very beautiful city, and the economy is really impressive,” Dr. Shanjie Li, chief executive of American Da Tang Group, told the DBR in a translated interview from New York. “The way it’s developing; it’s almost like the coastal cities in China.”

The property’s former owners, Aventura-based Cabi developers, previously held up the sale of the property as part of a Chapter 11 bankruptcy restructuring. [Daily Business Review] — Katherine Kallergis

85% of Palm Beach County voters approved Amendment 1

Florida’s real estate taxes are expected to increase by $200 million in 2015.

Documentary tax receipts, which peaked at about $4 billion in 2006 and plunged to $1.5 billion in 2009, reportedly could reach $2.3 billion in the next fiscal year.

The increase is being closely watched by environmentalists due to the recently approved Florida Water and Land Legacy Amendment 1, which allows the state to use one-third of the tax collections for land and water protection and conservation, the Palm Beach Post reported.

A legislative committee next week will begin discussions on how the dollars can be spent. [Palm Beach Post] — Katherine Kallergis

Miami Worldcenter rendering and Nitin Motwani

Miami Worldcenter’s developers won millions in incentives on Monday when city commissioners approved a multi-year tax-rebate deal, despite complaints from Overtown residents, labor officials and community activists.

The 5-0 vote came during a meeting of the city commission, sitting as the board of the Southeast Overtown/Park West Community Redevelopment Agency, in a packed community room at Camillus House. The unusual timing was prompted by what the $1.06 billion project’s developers say were pressing contractual and financial deadlines, according to the Miami Herald.

The subsidy package would kick back more than half the property taxes paid out to the redevelopment agency by the owners of the 10-block complex, which sits inside the CRA’s borders – or as much $88 million through the 12-year life of the deal. The CRA typically gets a large portion of the property taxes generated by new development inside its boundaries for the purpose of remedying blight, including by providing financial incentives to attract private developers.

In exchange, corporations managed by Miami World Center Holdings, LLC, and shopping center developer The Forbes Company agreed to pay higher wages and ensure their contractors and subcontractors hire up to one-third of their unskilled workers from Overtown and then from around Miami and the county, the Miami Herald reported. [The Miami Herald] — Ina Cordle

CBRE closed sale of Flagler West Corporate Park.

The $25 million sale of an 8.71-acre mixed-used property in Southwest Miami-Dade closed on Tuesday. CBRE arranged both the sale and financing of the site, which includes a 126,004-square-foot office building with a bank as a tenant and a 9,249-square-foot retail strip center in addition to a CVS drug store. 

Flagler West Corporate Center, LLC purchased Flagler West Corporate Park, located at the intersection of West Flagler Street and Southwest 87th Avenue, from Nationwide Theatres West Flagler, LLC. CBRE Debt and Structured Finance provided an $18.75 million CMBS loan and a $2 million mezzanine loan to Flagler West Corporate Center for the deal. 

The property is 85-percent leased.

Bayside Marketplace

Bayside Marketplace was approved for a $250 million mortgage on Dec. 23, according to Miami-Dade records. 

The loan, provided by Deutsche Bank, will be used for renovations and an expansion. Bayside has 228,000 square feet of retail and 1,300 parking spaces. Its last mortgage was for $79 million in 2008.

Chicago-based General Growth Properties owns the shopping center located at 401 Biscayne Boulevard. Jeff Berkowitz’s SkyRise Miami will be built next to Bayside and will sub-lease from General Growth. — Katherine Kallergis

Home prices rose 9.5 percent from 2013

Home prices in Miami just keep on going up, according to a newly released S&P Case-Schiller indices.

Prices in the metro area rose 9.5 percent in October from 2013 – nearly doubling the national gain of 4.6 percent. Miami-area home prices are rising faster than other cities, the Miami Herald reported, though the pace has slowed from last year.

“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,’’ David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.

The S&P Case-Schiller indices track prices of single-family homes that have sold at least twice. [Miami Herald] — Katherine Kallergis

Fort Lauderdale Intracoastal Waterway.
Credit: Jessie Eastland

A Fort Lauderdale condo development site along the Intracoastal Waterway has sold for $10.6 million.

The 33,984-square-foot site on Bayshore Drive at Riomar Street was purchased for $312 per square foot. It last sold in 2001 for $4.25 million, or $125 per square foot, according to the South Florida Business Journal.

The property was acquired by Fort Lauderdale-based Atlantic Residents Development, which is managed by John Atkinson and George Miller. The buyer used a $6.3 million mortgage from Paradigm Credit Corp. and Sedona Capital.

In April, Miami-based Royal Atlantic Developers, led by Edwin Verdezoto, obtained city approval for a 37-unit condo project on the site. It was to be called Royal Atlantic, the South Florida Business Journal reported. [South Florida Business Journal] — Ina Cordle

101 North Clematis

Colonnade Clematis, LLC, a New York-based REIT, purchased a mixed-use property in West Palm Beach for $52.1 million on Dec. 22, according to Palm County public records. The REIT is the owner of a portfolio of properties throughout the U.S., and was the owner of the historic Douglas Entrance complex in Coral Gables. 

The seller, CF West Palm Office LP led by Daniel Dubrowski, bought the properties at 101 North Clematis and 1 North Clematis for $43.3 million in April of 2004, records show.

Tuesday’s deal includes a 48,495-square-foot building constructed in 2001 on .82 acres that is zoned for office, retail and residential use, as well as a 106,534-square-foot commercial building on .45 acres of land, according to the Palm Beach Property Appraiser’s website. A .09-acre land parcel was also part of the deal. — Heather Grossmann

An Aldi store

Single family homes, a new Aldi store, distribution center and headquarters and a newly constructed retail complex are among the large-scale development projects in the works in the village of Royal Palm Beach in Palm Beach County.

Topping the list is the village’s sale of a vacant 154-acre Crestwood Boulevard site, where Royal Palm wants a developer to build 385 single-family homes, according to the Palm Beach Post. The site, where a wastewater treatment plant once stood, went on the market in November.

Doug Kirlan, the West Palm Beach real estate broker in charge of marketing and selling the property, said  marketing packages were sent to 40 potential buyers, including some of the nation’s top home builders — D.R. Horton, Pulte Homes, Lennar and KB Home, the Post reported. Sealed bids are due on Jan. 16. The village hopes to close on the property by July 1.

Aldi, the low-cost grocer, is building a 17,000-square-foot store on 2.3 acres at 1121 North State Road 7, about a quarter-mile south of Okeechobee Boulevard. The store is being built in front of Aldi’s  new $50 million, 650,000-square-foot distribution center and regional headquarters, which is nearly completed.

Kelly Smallridge, the Business Development Board of Palm Beach County’s president and chief executive officers, has called the center the largest economic development corporate construction project in the county since Office Depot built its 625,000-square-foot corporate headquarters in Boca Raton in 2008, according to the Palm Beach Post.

Meanwhile, Pebb Enterprises, the same company that built The Shoppes at Isla Verde in Wellington, is building an 85,177-square-foot commercial development on the southeast corner of State Road 7 and Pioneer Road. In late November, the company said talks were underway to lease 90 percent of the space, with T.J. Maxx, Show Carnival and Michaels among those in negotiations. [Palm Beach Post] — Ina Cordle

Peter Zalewski

The South Florida preconstruction condo market surpassed the long-anticipated symbolic milestone of 40,000 units this cycle in the final days of 2014 with a flurry of announcements by competing developers planning a series of projects east of Interstate-95 in Miami-Dade, Broward and Palm Beach.

To date, developers have announced plans for 311 new condo towers with more than 40,500 units during this real estate cycle, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure, my firm operates the website.)

During the last South Florida real estate cycle from 2003 to 2010, developers created less than 250 new condo towers with 49,000 units in the tri-county region’s seven largest coastal markets, according to an analysis of government records.

If all of the proposed condo projects of this current cycle are actually built, Miami-Dade would be home to 202 new towers with more than 29,000 units. Broward is slated to see 63 new condo towers with nearly 7,800 units built within its boundaries. An additional 46 new condo towers with nearly 3,700 units have been proposed for Palm Beach.

Greater downtown Miami represents the largest number of new condos announced with nearly 18,400 units to be developed within 71 towers. The greater downtown Miami market represents more than 45 percent of the total number of preconstruction units announced for South Florida.

The Hollywood-Hallandale Beach market in southeast Broward County is the second most active market with 21 new condo towers with more than 4,750 units announced. The downtown Fort Lauderdale and beach market ranks third with 26 new towers with nearly 2,600 units announced.

Rounding out the top five South Florida preconstruction markets based on the total number of new units announced are Sunny Isles Beach with 19 new towers with nearly 2,500 condos, and West Palm Beach with a dozen towers and more than 2,100 units.

Some of the other active areas where developers are busy plotting new condo projects are Aventura with 13 new towers and 2,100 units; Miami Beach with 33 new towers and nearly 1,500 units; and the Bal Harbour-Surfside-Bay Harbor Islands market with 29 new towers with nearly 1,300 units.

The unanswered question going forward is whether buyers’ enthusiasm for the South Florida preconstruction condo market will match that of the developers who have announced these new projects.

Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

Clockwise from left: Nitin Motwani and Miami Worldcenter, Craig Robins and Ugo Colombo, Flagstone project, Prive Aventura and Gary Cohen, and Jeffrey Soffer

In 2014, some developers found themselves in legal battles that delayed projects, called into question agreements with local governments and destroyed relationships. Here are five lawsuits involving the real estate industry that made major headlines this year:

Craig Robins and Ugo Colombo

Ugo Colombo vs. Craig Robins

In a lawsuit that proves developers are not good at sharing their toys, a Miami-Dade jury on March 10 awarded condo builder Ugo Colombo $2 million stemming from his legal fight with the Design District’s developer Craig Robins. In 2010, Robins’ company Dacra Development Corp. filed a lawsuit against Colombo and his CMC Group. Robins alleged Colombo had agreed to buy half of his $22 million Bombardier Challenger corporate jet, but failed to do so. Colombo countersued, alleging Dacra failed to pay its share of the plane’s maintenance and purposely defaulted on a loan used to buy the aircraft.

Miami Worldcenter rendering and Nitin Motwani

Grand Central nightclub owners vs. Miami Worldcenter Associates

In the latest salvo in their ongoing war, the owners of Grand Central Lounge are looking to block their landlord, Miami Worldcenter Associates, from getting started on its massive mixed-use project that will bring a 765,000-square-foot shopping center and residential and hotel towers to a blighted 27-acre site spanning 10 blocks north of downtown Miami. An expo center and hotel also are planned by another developer on the site of the demolished Miami Arena. Earlier this month, Grand Central’s owners sued the City of Miami, alleging its development agreement with Miami Worldcenter Associates violates state laws and that it unlawfully gives the developer zoning exemptions from future requirements, such as obtaining liquor licenses. In a separate lawsuit filed months ago, Grand Central’s principals also sought to reverse the Miami City Commission’s approval to close three public streets to benefit the project. Previously, Worldcenter sued to evict Grand Central and tangled in court with the lounge’s owners following the closure of Grand Central Park, a temporary park that was on the site of the Worldcenter project.

Island near Aventura to be called Privé

Homeowners vs. Prive Aventura condo developers

Construction of a sidewalk is causing massive headaches for the developers of the Privé at Island Estates condominium in Aventura. Owners of existing single-family homes neighboring the proposed 160-unit towers sued the developer, BH3, to stop the sidewalk’s completion. The lawsuit has prevented BH3 from obtaining a foundation permit to begin construction of the condo building since the sidewalk is required as a condition set by the City of Aventura. According to a court transcript obtained by The Real Deal in October, BH3 principal Daniel Lebensohn said the sidewalk delay also prevented BH3 from closing on a construction loan. The homeowners contend the proposed sidewalk encroaches on their properties. However, BH3’s owners insist the sidewalk issue has not hurt sales. Earlier this month, they told TRD that Prive is 50-percent sold and sales for the twin 16-story towers have totaled $75 million over the past 75 days.

A rendering of a planned development on Watson Island

Venetian Islands residents vs. Flagstone Island Gardens and City of Miami

Mehmet Bayraktar’s vision for a megayacht marina and resort on Watson Island is slowly lurching toward fruition following more than a decade of missed deadlines and construction delays. Despite little evidence he’s started construction on publicly owned land awarded to him by the City of Miami in 2001, Bayraktar won key revisions to his development plan from the city and state earlier this year. But those changes could end up killing the mixed-use project. In September, two residents of the Venetian Islands who oppose Bayraktar’s Flagstone Island Gardens project sued the city to block the ambitious development from going forward. Stephen Herbits and Sharon Kirby Wayne allege Miami government officials violated the city charter and some key conditions in the ballot language authorizing the project votes approved in 2001. In a related lawsuit also filed in 2014, Herbits sucessfully sued the city for withholding public records on the deal.

Jeffrey Soffer

Daria Gogoleva vs. Jeffrey Soffer

Fountainbleau Hotel owner and billionaire developer Jeffrey Soffer became the target of a wrongful death suit over his piloting skills. Intially, Daria Gogoleva sued Soffer in federal court, seeking $100 million in damages over a 2012 helicopter accident in the Bahamas that killed her domestic partner, Lance Valdez. She withdrew the federal complaint and refiled in circuit court in January. Seven months later, a Miami judge tossed her lawsuit. Soffer’s attorneys argued Gogoleva did not have the ability to file a wrongful death suit on behalf of Valdez because she was not his widow. Soffer has maintained he was not piloting the plane.

Residences sit longer on sale block

1. Florida ranks second among movers [Sun Sentinel]
2. Broward apartment complex sold for $16M [South Florida Business Journal]
3. Demolition begins on former Winn-Dixie, Publix coming soon [Palm Beach Post]
4. Kid Rock to fix his Jupiter inlet house [Gossip Extra]
5. Residences sit longer on sale block [Miami Today]

— Katherine Kallergis

Current reader favorites:
1. What top Miami brokers predict for 2015
2. Nakash family buys South Beach’s Setai Hotel for $90M
3. Chinese affiliate buys Brickell site for $74.7M 
4. What top Miami developers are predicting for 2015
5. Terra Group pays 60 cents in property sales tax on 97-unit building

Miami was also ranked third in highest percentage of distressed and short sales combined.

Miami leads the country in the highest percentage of short sales, according to a November RealtyTrac report.

Florida has six of the top 10 metro areas for foreclosure auction sales, which accounted for 1.4 percent of all residential property sales last month. Lakeland, Jacksonville, Orlando, Cape Coral and Tampa joined Miami, which led the country at 11.2 percent.

Miami was also ranked the third metro area with the highest percentage of distressed and short sales combined at 26.9 percent. Las Vegas and Stockton, California were first and second.

The median sales price of U.S. single-family homes and condos in November was $190,000, up 15 percent from 2013, according to the residential and foreclosure sales report. The median sales price of homes in foreclosure or bank-owned reached a high of $128,625, the highest since December 2009. — Katherine Kallergis

Glunz Ocean Beach Hotel & Resort in the Florida Keys

A Florida Keys resort was sold recently to a nearby hotel owner.

The Chicago-based Glunz family bought the Tortuga Beach Club, located at 301 East Ocean Drive in Key Colony Beach, on Dec. 17, according to a published report.

The resort has eight three-bedroom, three-bathroom villas and was assessed by the property appraiser for $3.38 million. Units are more than 2,000 square feet, KeysInfoNet reported. The sales price was not disclosed.

The Glunz family purchased the Tortuga Beach Club from Michael Lawrence, president of Miami-based CJL Capital LLC. The family also owns the Glunz Ocean Beach Hotel & Resort down the road at 351 East Ocean Drive. [KeysInfoNet] — Katherine Kallergis