April 5, 2016
NP International has acquired the site of a half-century old Holiday Inn, with plans to build a mixed-use development called Paseo de la Riviera. InterAmerican Hotels Corp. sold the property at 1350 S. Dixie Hwy. in Coral Gables, FL for $44 million.
NP International’s plan calls for 252 hotel rooms, 224 apartment units, 4,380 square feet of restaurants, and 14,094 square feet of retail. No construction launch has been announced, as the proposed development has been plagued by controversy.
The Coral Gables city commission approved the project in late 2015. However, two local residents filed a lawsuit in March against the city and NP International, alleging the project should not have been approved because it’s in violation of the city’s comprehensive plan.