Spain's OD Hotels will open their first Miami location with 169 rooms in the historic Dade-Commonwealth Building in Downtown Miami. The building is located at 139 N.E. 1st Street and was originally built in 1925. Under supervision of Architect Richard Heisenbottle, the building will have 10 floors added to the existing 7-story structure during the hotel conversion. This restoration will actually return the structure to its original size before it was damage by a hurricane in 1926. Dream Downtown Miami, LLC., a joint venture between a sister fund of the Paris-based Beekman REIM and Immocorp Capital, will lead the redevelopment effort. The parties originally purchased the property for $9.2 million in November 2015 and they planned to leave the property as-is for 2 years as they begin to develop the project. The hotel will be in close proximity to Downtown's Flager Street redesign efforts, Paramount World Center Miami and Brickell City Centre.