Baywood bought part of a land in Waterford from Blue Lagoon

1101 Northwest 57 Avenue Miami (Credit: Google Maps)

Baywood Hotels has paid $10.5 million for part of land in the Waterford at Blue Lagoon office park, where it has been granted permission to build a 225-room hotel.

Baywood purchased the 1.4-acre property at 1101 Northwest 57 Avenue in Miami for $166 per square foot, records show. The seller is Blue Lagoon Development LLC, which is linked to Miguel Mouriz of New American Funding.

The site is vacant except for a dilapidated building that was once a nine-story hotel, records show.

Blue Lagoon Development bought the entire 4.3-acre site for $13.2 million in 2006, records show.

The office park is directly across from the Florida Turnpike and Miami International Airport. It houses the offices of Burger King.

In December, Miami commissioners approved a crucial zoning change that allowed developers to build residential units in the office park. The change allowed the Weiss Group to develop six buildings at Blue Lagoon with a total of 888 residential units and 294 hotel rooms.

Baywood Hotels, based in Columbia, Maryland, is an active hotel developer in South Florida.

In March, Baywood paid $13.1 million for a Red Roof Inn near Miami International Airport.

In October, a Baywood affiliate filed plans to build a Residence Inn by Marriott near the Miami International Mall in Doral, according to the South Florida Business Journal.

Baywood Hotels owns and operates more than $1 billion in assets, according to its website.

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