Next week, renovations on the historic Greystone Hotel will officially begin, and while the original Art Deco facade will remain intact, major changes are expected. The new 92-key, 52,000-square-foot South Beach hotel will feature a 140-seat restaurant on the ground floor, approximately 6,000 square feet of event space, a basement lounge, and a rooftop bar and pool. In addition to the renovations of the original building, a second nearby property, previously known as the Santa Barbara hotel, will become an extension of the Greystone, offering a second guestroom tower.

“The location is unbeatable we think,” said James Vosotas, CEO of Fort Lauderdale-based VOS Hospitality and Greystone Hotel co-manager. “The building itself really spoke to us and there’s a lot of potential to make it very special.”

Built in 1936, the Greystone is located at 1920 Collins Ave. The second building, which will be partially demolished and raised five stories, is at 230 20th St. According to a recent article from the South Florida Business Journal, the main building, including the restaurant and bars, is expected to open at the end of next year with the second tower following six months later. Rooms will range from 200 to 450 square feet indoors, with suites featuring private terraces, jacuzzis and outdoor showers.

“One of the reasons that drew us to this location is we believe the epicenter of South Beach has moved north,” said Daniel Vosotas, chairman of VOS Hospitality. “We believe that 20th and Collins is truly the center of that.”

VOS Hospitality has additional properties in Detroit and Brooklyn, New York, with plans to acquire more in South Beach or South Florida.