Developer Scott Robins and his partner, former Miami Beach Mayor Philip Levine, are accepting cryptocurrency for two properties they’re selling on South Beach’s Alton Road corridor.
Robins’ son Jared, founder of Miami Beach-based brokerage InHouse Commercial, said he’s partnering with FTX, a cryptocurrency exchange based in the Bahamas that purchased the naming rights of the former AmericanAirlines Arena in March and has an office in Brickell.
One of the properties for sale is the two-story Royal Media building and the adjacent one-story Reebok CrossFit Miami Beach studio.
The partners are seeking $25 million for the 23,810-square-foot Royal Media building, which was constructed at 960 Alton Road in 1975, and the 7,500-square-foot Reebok CrossFit studio, built at 930 Alton Road in 1948. Media Holdings Ltd. paid $1.6 million for 960 Alton Road in April 1996, and Media Holdings 930 LLC paid $1.42 million for 930 Alton Road in June 2010.
Since the Miami Beach City Commission increased the height limit to 75 feet, the property has development rights for a new 46,965-square-foot building, according to a brochure produced by InHouse Commercial.
The partners are asking $19 million for a three-story, Arquitectonica-designed retail complex built in 2014 at 1000 17th St. 17th St. Partners LLC bought the 8,000-square-foot lot the building stands on for $1.47 million in June 2007.
Jared Robins said the building is 81% leased, and the asking rent is $80 a square foot.
Cryptocurrencies, including Bitcoin, tend to swing widely in value. But Jared Robins said FTX’s ability to instantly exchange crypto into cash “really de-risks that whole aspect of it.”
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