5445 Collins Ave, Miami Beach, FL

About this property

Located at 5445 Collins Avenue, the historic Playboy Theatre presents a singular opportunity to acquire 25,860 square feet of high-volume interior space in the heart of Miami Beach’s prestigious Mid-Beach corridor. Currently in a state requiring full renovation, the property serves as a premier "blank canvas" for a visionary developer or hospitality group. The existing structure features a triple-level layout with soaring ceilings and massive, open floor plates—architectural assets that are nearly impossible to replicate under current Miami Beach building codes. While the interior requires a complete overhaul, the "bones" of the venue, including the original grand stage and structural volumes, provide a robust foundation that significantly reduces the complexity of a ground-up build. With no association approval for business type; the property is uniquely suited for a flagship nightclub, live-performance theatre, or movie theatre where the expansive vertical clearance and existing stage infrastructure allow for world-class acoustics and immersive lighting design. A key operational advantage is the expansive kitchen area located parallel to the main theatre volume, which provides the necessary footprint for high-volume back-of-house operations. Positioned steps from the ocean in a high-barrier-to-entry market, this asset allows an investor to curate a marquee destination that captures the high-spending demographic of the Collins Avenue corridor.