Baywood Hotels has picked up a 1.4 acre site in the Waterford at Blue Lagoon office park for $10.5 million. Located on Northwest 57 Avenue in Miami, the firm plans to build a preapproved 225 room hotel on the plot. The seller, New American Funding, bought the larger 4.3 acre site in 2006 for $13.2 million. The site is vacant except for a now shuttered former nine story hotel. The office park is home to Burger King’s corporate offices, directly across from the Florida Turnpike and Miami International Airport.
