1674-25 Gerry Sanchez •
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Sunday, July 13, 1986 • The Hiatal Herald Section B
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F. SONTAG i , i 1 p, 4 z economic development director."Number
Writer . � + .« `� s�, 'C'4,,,,',,,1,., „. ,5:01M!,4:,144.%{. one, he's a developer with a background
)thsago,Gerry Sanchez quktly' ,DERRY SANCHEZ I ° he<snoyat has, In historic preservation, making him
ying Monopoly In South Miami �t-.r�.,,t ,, ,.. :, y ,.a�rr -ss, _moi',g . ,�P�;;,,! sensitive to the potentials of the Art Deco
ing up deteriorated property as; f`�' j` d"the snowb. , , , `�`t' `�,�r• c� ,`.,sk".a"'` ' dicL Secondly, he has the financial
rive were a board game and he l7}�y s t rx e rs. , �� : z, "-t ;„3' strength to move quickly and aggressive-
layer. xA'iw r t 1. £ zFL,cxt:^a 2N ik�< ar�` ti'” Wgli" klA i , g q Y 8g
bought the Waldorf Towers r;'WWF . ,&s= 7Miatnt Bedcft Corrittiteslor) to Set ;A 19.0464 y'
;levelander Hotel. And before "ls,, ks �` r<;_,oY. . p' a " ` )WY x� tl -, * �a } For three years,the city waited for the
financially troubled Royale Group Ltd.—
hez —a New York contractor which owns the Carlyle and four other
red the U.S. Capitol end the an entire block of Espanola Way. One Although he has his skeptics, most in Ocean Drive Hotels — to show nervous
fridge —had sunk $15 million.. hotel, the Waldorf, is renovated and Miami Beach see Sanchez as a pioneer— Investors that the Art Deco district was
!a few Investors would touch. opened as a hotel and jazz supper club. an outsider who not only saw value In • worth the risk.It didn't.Its properties are
saw a gold mine. Everybody Another, the Clevelander, has already dilapidated oceanfront property, but In receivership,with only the Carlyle and
slum," Sanchez said. been resold at a profit of 3400.000 — to moved quickly to buy it and develop It.
Sanchez has accumulated eight prove that money can be made in South "He's the kind of investor we've been
:h hotels, two parking lots and Beach,Sanchez said. dreaming of,"said Stuart Rogel,the city's Please turn to SANCHEZ/2B
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Gerry Soothe::: preserualionirt investor whore renovated hotels are ° 1
. restoring the.11iarni Beach of 1987 to the pastel paradise of the I +,
Thirties. j; 1
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