The Park Central Hotel on Ocean Drive in Miami Beach has secured a $40 million construction loan. The funding will be used to redevelop the three existing Art Deco buildings — the Park Central, the Imperial Hotel and the Heathcoat Apartments — and a vacant lot. The plans call for a 135 room boutique hotel with three new restaurants totaling 8,100 square feet, a glass rooftop pool, 24 suites and 1,380 square feet of meeting space. Located at 620 to 650 Ocean Drive, the hotel is slated for completion in early 2017. Park Central Partners, an Optimum Asset management affiliate, bought the properties in July 2013 for $34 million and the vacant lot for $5.27 million. BB&T Real Estate Funding provided the financing for the project.
