Aria Development Group has closed on the purchase of the historic building that formerly housed The Democratic Republic Of Beer, a downtown Miami bar.
Aria paid $8.25 million for the two-story building, located at 501 Northeast First Avenue. The lot size is 22,500 square feet.
A few blocks away, Aria recently announced a partnership with a developer from Kuwait to build a 40-story mixed-use tower which will include a Yotel-branded hotel.
The building housing the DRB on Aria’s newly acquired property dates back to 1924.