Miami Beach – Gutted; renovation pending – IN FORECLOSURE - Across Collins Ave from the ocean, this 90 room hotel has also been gutted pending renovation work. Permits are in place and approval has been granted by the Historic Preservation Board for the City of Miami Beach. In addition, permits have been approved by the City for interior alternations and improvements, plumbing, electrical, windows and a storefront and the potential for garage parking under the building. Due to the historic nature of the property, there are both tax abatement possibilities (real estate taxes) as well as tax credits. The current loan amount is $8.8MM and the lender filed for foreclosure in March.