The El Eden Motel in Brickell has been sold for $18.4 million, according to The Real Deal.

The buyers are Tony Cho of Metro 1 Development and Robert Finvarb of Robert Finvarb Companies who plan to develop the site into a 24 story, 250,000 square foot mixed use hotel. The project will be designed by Arquitectonica, who also designed the newly opened Brickell City Centre, which is located across the street.

The two southern portions of the three lots were purchased for $35,000 and $90,000 in 1975 and the El Eden Motel was built in 1976. In 1988, the last lot on the North part of the site was sold for $390,000 and the expansion of the Motel was complete in 1990.

The Starlite Motel next to the El Eden Motel was sold for $25 million in December 2014.

Demolition of the El Eden Motel should begin later this year and groundbreaking on the new mixed use hotel should start in early 2018.