The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. For full functionality of this site it is necessary to enable JavaScript. The building sold at a sharp discount from its $23 million listing price in 2015. And to encourage hotel investment, height limits for buildings with more than 200 feet of frontage will be increased from the current 50 feet to 75 feet with a 35–foot setback from the street. Big Time Productions, led by Eugene Rodriguez, sold the property. U2, Madonna, Jennifer Lopez, Christina Aguilera and Ricky Martin have all shot music videos at the theater. Massa Investment Group secured a $15.2 million loan from IberiaBank to acquire the property, records show. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Try again later. Buy Paris Theater - Miami tickets and save up to 20% over leading ticket websites. Marcus & Millichap has the listing for 25,589-square-foot entertainment space at 550 Washington Avenue in Miami Beach. It is mandatory to procure user consent prior to running these cookies on your website. Massa’s plans for the site are unclear, and he was unavailable for comment. Try again later. All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. “The Paris Theater is one of only a handful of large structures that allows an investor the flexibility to operate the property in its current form, or completely repurpose the space for a different use.”. designed to increase hotel space and retail and dining opportunities on the street, Todd Glaser sells waterfront Miami Beach spec mansion for $15M, Sugar mogul Jose Fanjul sells Faena House condo for $5M, Company tied to Orion Real Estate buys waterfront Miami Beach home, Citing Covid-19 shutdown, Williams Sonoma and Pottery Barn want out of Lincoln Road, Restaurateur sells waterfront Miami Beach home for $8M, Lawsuit accuses Michael Comras, Robert Cayre and Harry Adjmi of dodging $300K judgment, The Weekly Dish: Red South Beach signs $5M lease for new space & more, Faena House condo association sues developer, contractor over alleged construction defects at ultra-luxury tower. But opting out of some of these cookies may have an effect on your browsing experience. Big Time Productions owns the venue, which it bought for $975,000 in 1992 We are having some technical difficulties. With a capacity of 1,200 patrons, the Paris space can be used for any type of event, including theatrical productions, launch parties and dances. The historic Paris Theater and the attached liquor store in Miami Beach were sold for $13 million, plus an additional sum for the assets of businesses there. Scott C. Sandelin, a vice president investments, and Alejandro D’Alba, an associate, both in Marcus & Millichap’s Miami office, are representing the seller, a Miami Beach-based limited liability company. Massa Investment Group has acquired Miami Beach’s Paris Theater, located at 550 Washington Ave., for $13 million; $508 per square foot. Necessary cookies are absolutely essential for the website to function properly. Under different owners, the property had been used as an adult movie house, a nightclub, and a photography and film studio, according to the Miami Herald. These cookies will be stored in your browser only with your consent. But opting out of some of these cookies may have an effect on your browsing experience. For full functionality of this site it is necessary to enable JavaScript. We also use third-party cookies that help us analyze and understand how you use this website. Owner of Bâoli, Massa Investment Group, Acquires Miami Beach's Paris Theater For $13 Million, ← Terra Breaks Ground on Mr. C Residences in Coconut Grove, NNN Leased Pollo Tropical Building on Biscayne Blvd. The historic Paris Theater in Miami Beach — designed in 1935 by Art Deco architect Henry Hohauser — is on the market for $23 million. Scott C. Sandelin, a vice president investments, and Alejandro D’Alba, an associate, both in Marcus & Millichap’s Miami office, are representing the seller, a Miami Beach-based limited liability company. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. These cookies do not store any personal information. “The Washington Avenue site is a mixed-use project with hotel, condo, office and retail components.” — Ina Cordle. Please Allow Javascript and reload this page. Sign up to stay up to date with the latest in Miami residential and commercial real estate news and content. This website uses cookies to improve your experience while you navigate through the website. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. “The Paris Theater is located directly west of the proposed Washington Avenue development site that has been the catalyst for the Washington Avenue resurgence,” Sandelin said in a statement. We are having some technical difficulties. Miami-based Massa Investment Group, led by Mathieu Massa, bought the 25,589-square-foot building at 550 Washington Avenue for $508 per square foot, records show. By clicking Subscribe you agree to our Privacy Policy. Big Time Productions was the seller after acquiring the Paris Theater for $975,000 in 1992 and first listing the property for $23 million in 2015. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. The Art Deco building, which was first built in 1935, spans 25,589 SF. Big Time Productions owns the venue, which it bought for $975,000 in 1992. The building was designed by architect Henry Hohauser and has operated over time as a cinema, The Art Deco-style building was built in 1945. All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. To increase foot traffic during the day, the proposed ordinance calls for new nightclubs with a maximum of 25 feet of frontage on Washington Avenue, to provide some kind of active use during the day. You also have the option to opt-out of these cookies. Washington Avenue is experiencing a new wave of redevelopment, as the city considers new measures that are designed to increase hotel space and retail and dining opportunities on the street, which lags far behind Lincoln Road and Ocean Drive in attracting first tier retail, dining and hotel venues. Paris Theater - Miami Information and Address 550 Washington Avenue Miami Beach, FL 33139 To buy Paris Theater - Miami tickets for sale Miami Beach at discounted prices, choose from the Paris Theater - Miami Miami Beach schedule and dates below. The full Paris Theater - Miami schedule, venue information and Paris Theater - Miami seating chart are shown below. Paris Theater in Miami Beach on market: $23M. PROFILEmiami takes no ownership of any imagery unless otherwise noted. This category only includes cookies that ensures basic functionalities and security features of the website. in MiMo Trades For 4.61% CA →, Coral Rock Development Group Closes On $53.5 Million In Construction Financing For Pura Vida Hialeah, Elysee Reports $30 Million In Sales As Tower Nears Completion This Fall In Edgewater, Spec Home Hits Market In Bal Harbour Asking Highest Price Per Square Foot For a Dry Lot. “The red-hot hotel business on Miami Beach gives rise to the need for large entertainment spaces that can hold more than 1,000 guests at a time,” D’Alba said in a statement. Todd Glaser sells waterfront Miami Beach spec mansion for $15M, Sugar mogul Jose Fanjul sells Faena House condo for $5M, Company tied to Orion Real Estate buys waterfront Miami Beach home, Citing Covid-19 shutdown, Williams Sonoma and Pottery Barn want out of Lincoln Road, Restaurateur sells waterfront Miami Beach home for $8M, Lawsuit accuses Michael Comras, Robert Cayre and Harry Adjmi of dodging $300K judgment, The Weekly Dish: Red South Beach signs $5M lease for new space & more, Faena House condo association sues developer, contractor over alleged construction defects at ultra-luxury tower.