Co-Owner of E11even Nightclub and Partner at Titan Capital Acquired Land at Miami Worldcenter
For $30 million, Lynd Living acquired a Miami Worldcenter development site from a business run by Marc Roberts, co-owner of the E11even nightclub, and Ira Saferstein, a partner at Titan Capital.
The $4 billion master-planned mixed-use project spanning 27 acres in the Park West neighborhood of downtown Miami has added the San Antonio-based company as the newest multifamily developer to the group of apartment builders.
According to public documents, a Lynd associate purchased the roughly 0.5-acre parcel of land at Northwest 10th Street and North Miami Avenue and secured a $22.7 million financing through TIG Romspen US Master Mortgage. According to a news statement, Kevin O’Grady and Justin Neelis from Concord Summit Capital handled the finance and Lynd has hired the company to find a construction loan. Additionally, Concord Summit mediated the sale.
IRR Parkwest Investments, led by Roberts and Saferstein, was sold by the Miami-based legal firm Adams Gallinar, which was represented by attorneys Michael Gallinar and Jason Camps.
A 650-unit apartment building is permitted on the site of the development. A residential tower is being planned, according to David Lynd, CEO of Lynd. “For the time being, we are keeping it quiet. We’ll release more information as we prepare to enter the market.
According to records, the vacant property was a component of a 1-acre assemblage that IRR purchased in 2020 for $26.7 million. The remaining property is still owned by Roberts and Saferstein. Roberts, a former boxing promoter, joined master developers Art Falcone and Nitin Motwani as an early investor in the Miami Worldcenter project in the early 2000s.
In March, the Miami Worldcenter development property at 1016 Northeast Second Avenue was purchased for $40.5 million by the New York-based Naftali Group and Chicago-based Akara Partners. The CEO of Naftali, Miki Naftali, is constructing two residential towers, but the company hasn’t said whether the structures would house condos or apartments.
Adam Neumann, a co-founder of WeWork, received $108 million in construction financing in February for a new apartment building on a bare lot at Miami Worldcenter. It shares a boundary with Caoba, a 40-story apartment complex at 698 Northeast First Avenue. Both the development site and Caoba’s ownership organization were purchased by Neumann.
New York Developers Purchase Site to Build a Two Tower Residential Project for $40.5 Million
The Namdar Group recently purchased a development site for $40.5 million with plans to construct a two-tower residential and apartment project in downtown Miami.
According to county records, the New York-based company purchased 1.3 acres in two agreements at 50 and 60 Northeast Third Street and at 222 and 234 Northeast First Avenue.
Namdar additionally obtained a $195 million loan for the purchase and development of the skyscrapers. Scale Lending, a subsidiary of Slate Property Group, supplied the funding.
A 41-story structure with 640 units and a 43-story building with 714 units would make up the proposed Namdar Towers, which would have combined square footage of more than 1.2 million.
According to records, entities led by Daniel Stone paid $30.5 million for the parking lot and land at 50, 60, and 222 Northeast First Avenue as well as the parking lot at 50 and 60 Northeast Third Street.
The retail building at 234 Northeast First Avenue was sold for $10 million by a partner of Jaime and Esther Waserstein, who founded the ShoeGallery company in Miami. There is a ShoeGallery store on the premises.
According to its website, Namdar is a family-owned development company that was established in 1979. Ephraim Namdar, who has previously been named in media sources as the company’s founder and CEO, is in charge of running the LLC that bought the Miami property.
Igal Namdar’s commercial real estate investment company, Namdar Realty Group, which buys bankrupt retail centers, also has a New York address that is shared by Namdar.
The Journal Square district of Jersey City has seen activity from the corporation. According to the real estate website Jersey Digs, Namdar completed the tops of two mixed-use towers with a total of 27 stories and 667 residences in July.
Namdar Towers would be the newest development in downtown Miami, which has attracted the attention of multifamily developers.
A 48-story tower with 1,200 flats is what Jorge and Jon Paul Pérez’s Related Group and ROVR Development hope to erect at the site of the College Station Garage at 190 Northeast Third Street. The Namdar Towers location is direct across the street from this one.
The 57-story, 675-unit M Tower is what Lions Group NYC and Fortis Design + Build hope to erect at 56, 70, and 65 Southwest Second Street.
Hyatt and Gencom plan to transform the James L. Knight Center and adjoining Hyatt Regency Miami hotel into a three-tower complex called Miami Riverbridge as part of another downtown redevelopment. 1,500 apartments, a new Hyatt hotel with 615 rooms and 264 service-branded flats, as well as a 190,000-square-foot conference center are all part of the plans.
A referendum on the plan will be held in November.
Related Group Requesting Permission to Develop Mixed Use Project on Miami River
The Related Group’s affordable housing division, Related Urban Development Group, is requesting permission to develop a mixed-income housing development on Miami-Dade County property close to the Miami River.
The ground lease and development agreement with the Miami-based developer for the 1.05-acre site at 395 N.W. 1st St. and 25 N.W. River Drive will be up for consideration by the County Commission on September 1. There is a two-story county office building there right now.
The site is close to Interstate 95 to the west, Flagler Street Bridge to the north, and Lummus Park to the south.
In January 2021, the county released a request for proposals (RFP) to find a developer for the land, and Related Group was selected as the successful bidder.
The developer would lease the land from the county under the proposal for 75 years in exchange for a $1.54 million down payment and annual fee equal to 16.5% of the project’s revenue flow. Over the course of the lease’s 75-year term, the county calculated that the payments would total $238.8 million.
The Gallery at Lummus Parc was a project that Related Group predicted would cost $151.7 million to complete.
It would include 439 apartments in two 30-story towers, as well as 5,400 square feet of retail space, a 478-place parking garage, and a cultural installation showcasing Lummus Park’s heritage. An overpass over Northwest First Street would connect the towers.
On the eleventh floor, there would be an amenities deck with a pool, a club room, a workout facility, Zoom rooms, a game room, and a lounge.
Some of the apartments would have cheaper rents and be income-restricted. According to the agreement, 20% of the flats would be reserved for residents earning up to 50% of the area median income and another 20% for residents earning up to 140%. There would be no constraints on income for the remaining flats.
Miami’s average household income is $44,268. The Gallery at Lummus Parc is anticipated to fill some of that demand as local workers have found it more and more difficult to afford residences in the city due to recent double-digit rent increases.
The sizes of the flats would be between 495 and 1,220 square feet. There would be 28 three-bedroom homes, 99 studios, 177 one-bedroom units, and 135 two-bedroom units.
The Related Group representatives declined to comment. According to the proposal, a federal opportunity zone investment fund, Charlotte, North Carolina-based Grandbridge Real Estate Capital, and low-income tax credit equity from JPMorgan Chase and Raymond James would all contribute to the project’s partial funding.
The concept was created by Miami-based CFE Architects. The developer is represented in the application by Miami attorneys Terry M. Lovell and Al Dotson Jr.
Plans for a 30 Story Tower in North Miami Beach are Announced by BH Group
After purchasing land in North Miami Beach, developer BH Group is planning a 30-story residential structure located at 2261 N.E. 164th Street.
The 1.96-acre site was sold by CK Prive Group 164 LLC, controlled by Bruno Bloch in North Miami Beach, to the BH Group in Aventura for $11 million. The property increased in value since it was last sold for $8.3 million in 2016.
Currently on the property is a 1969-built warehouse of 35,538 square feet. The warehouse will be destroyed, according to BH Group, and a skyscraper with 400 luxurious residential units will be built in its place.
CFE Architects of Miami Lakes will be the architect for the project.
After the city rezoned a significant portion of its east side to allow for higher density and mixed-use development, North Miami Beach has been experiencing an increase in commercial and residential developments.
BH Group has been purchasing sites all over South Florida. The business frequently collaborates with Miami-based Related Group including District 225 condo in downtown Miami, a condo on Fisher Island, a waterfront condo in North Miami, the Transit Village mixed-use project in West Palm Beach, and condos on Bay Harbor Islands.
Melo Group Tops Off Construction of URBAN 22
Seven months after breaking ground, the Edgewater twin-tower apartment building known as URBAN 22 has officially topped off on construction. The developer for the project, the Melo Group is a well-known development group in the Miami area. After completing 6,000+ residential units in Miami over the years, they currently have 2,000 units under construction.
Multiple parcels making up the 1.94 acre site stretch’s from Second Avenue, 22nd Street, to 23rd street. The Melo Group started purchasing these sites in 2011 that is now making up the site for URBAN 22.
The project call for twin 15-story towers that will total 708,119 square feet with an 8-story podium connecting between the two. The towers will feature 441 residential units, 7,168 sq. ft. of retail, 5,692 sq. ft. of office space, and 529 parking spaces.
The units will range from 725 to 1,200 square feet of living space with each unit featuring a private balcony with glass surround railings. There are 4 studios, 243 one bedroom, 152 two bedroom, and 42 three bedroom units available.
The garage will feature a pool deck on the roof, indoor/outdoor spa, garden terraces, and a fitness center with a social room for gatherings. The Melo Group stated that project would enhance the pedestrian experience through the bridge between the two buildings as well as the retail and commercial aspects.
Ken Griffin’s Citadel Continues to Purchase Land and Properties in Miami
With a record-breaking purchase on the South Florida waterfront months ago, Ken Griffin has officially moved the Citadel’s headquarters from Chicago to Miami at the 830 Brickell new construction tower.
Along with the move and the purchase of a private residence, Griffin and his company were responsible for the $363 million acquisition of a 2.5-acre (1-hectare) unoccupied land at 1201 Brickell Bay Drive. Since the transaction closed in April, the buyer was hidden behind a limited liability company with a mailing address in Chicago.
The company announced last week that it intends to collaborate with developer Sterling Bay to design and construct an office tower on Brickell Bay, which is located in the city’s economic district and spans less than a mile.
Another LLC purchased a 28-story office building at 1221 Brickell Avenue earlier this month for $286.5 million across the street from the 1201 Brickell Bay site, according to public papers. Randall Davis, who also acted in this capacity for the 1201 LLC, is the authorized signatory for the 1221 Brickell LLC. Emma Bass and Angela Cusumano, the witnesses in a 1221 Brickell filing, also work at Sterling Bay.
The relocation of Citadel by Griffin represents one of the largest financial company expansions in Florida. Developers in Miami applauded the decision and said it would encourage more businesses to look for space in the city. Among the companies that have grown in the state recently are Dan Sundheim’s D1 Capital Partners and Goldman Sachs Group Inc.
According to the Bloomberg Billionaires Index, Griffin, 53, just relocated to Miami with his family and has a personal wealth of $29.1 billion. He has recently expressed his dissatisfaction with the governmental leadership in Illinois and Chicago’s crime rate, although he has long been investing in real estate in Florida, where he was born and raised.
Over the past ten years, the millionaire has amassed property in Palm Beach that has cost at least $350 million. During the Covid-19 epidemic, some of Griffin’s traders fled their offices in Chicago and New York and took over the Four Seasons Palm Beach.
Griffin recently purchased a number of properties in the Miami area, including homes on the prestigious Star Island in the middle of 2020 and a $45 million mansion in the Coral Gables district in April. An individual with knowledge of the situation claims that he has had Citadel personnel assess the commercial real estate in the city for at least two years.
Plans for a 12 Story Tower in Surfside was Filed
This week, developer Multiplan of South Florida filed plans for a 12 story tower that will be located in Surfside.
The architect is listed as Arquitectonica with R Palace Surfside LLC as an additional development entity. The project is proposed to have 27 residential units with 71 parking spaces. There will also be a small number of 2 bedroom floor plans but will mostly consist of 4 bedroom layouts.
Proposed Amenities:
Rooftop pool
Steam room
Sauna
Fitness
R Palace Surfside LLC is managed by Vivian Diamond. Owner of Multiplan is José Isaac Peres who is responsible for 57 Ocean as well as multiple other projects in Rio de Janeiro.
On the current site at 9309 & 9317 Collins Avenue in Surfside is the Regent Palace condos. In June, the 34 unit condo building was deemed unsafe after a comprehensive engineering report that flagged the property as uninhabitable.
This building is 70 years old and required a number of updates as well as structural issues. The developer has already purchased 32 of the 34 units at the Regent Palace and terminated the land lease on the property.
Plans Submitted for a 2 Tower Fontainebleau Project
Fontainebleau Apartments II is a two-tower multifamily development of 10 and 19 stories that is planned to rise atop 4.03 acres of backfilled land in Fontainebleau, Florida. It was developed by the Miami Lakes-based real estate developer and general contracting firm LF Development through an affiliated entity referred to as Combo Group Holdings LLC.
The project, designed by Coral Gables-based Valle Valle & Partners, would include 600 residential units split between its two towers, 5,200 square feet of retail space, and 957 parking spaces, including 147 parking spaces for electric vehicles and 20 handicap spaces. The engineering team is made up of Solver Engineering, Zamora & Associates, and Fineline Engineers, Inc. The landscape architect is Witkin Hults + Partners.
The property itself spans 11.18 acres which is roughly 487,436 square feet with the property also backing to a lake. The lake/property is specifically located west of Northwest 87th Avenue, east of Northwest 97th Avenue, between State Route 836 Expressway to the north and West Flagler Street to the south. The developer is requesting to backfill 4.03 acres (175,480.00 square feet) of the lake/property to construct the multifamily project.
If approved, Fontainebleau Boulevard would front the recently filled in land and run directly between these neighboring thoroughfares. The developer is also requesting that the property’s designation be changed from Water to Medium-High Density Residential and that the zoning be altered from GU to RU-4.
These zonings and classifications surround the region, which is being used as leverage to support the zoning changes. The owner of the area where the buildings are planned to go up is indicated as Italo Campagna.
The site permits 50 dwelling units per acre, resulting in a total of about 560 dwellings. Additionally, the developer is including 36 workforce housing units (WHU) at a rate of 6 percent, allowing for a density increase of about 50 units.
Residential units would have floor patterns with one or two bedrooms. The combined floor area of the two buildings would be 691,497 square feet, and 75,480 square feet of the land would be used as private open space to surround the complex. Google Maps places the building at 9193 Fontainebleau Boulevard, almost exactly where the south tower’s entrance would be.
On July 28, plans for Fontainebleau Apartments II were submitted, although there was no mention of a requested application meeting time.
Demolition Permit Filed and Renderings Revealed for 710 Edge Tower
In October 2021, developers announced plans for a 55-story tower, 710 Edge that will be located in Edgewater. Months later the plans were approved by the Miami Review Board and now permits have been filed with new renderings attached.
The permit that was filed will allow total demolition of the site which would include several buildings that are currently on the property.
Two adjacent waterfront buildings were submitted on July 29th with one of the buildings as Harbor 29. A total of 16,000 square feet will be demolished costing the developers $151,000.
The second permit is for 530 NE 29th Street which totals 4,590 square feet estimating $25,250.
On both permits, Dade Wrecker Service is identified as the demolition contractor.
The projected height of 710 Edge is 55 stories, or 646 feet (649 feet) above sea level. 710 Edge will include 70 residential units, 193 parking spaces, 16,000+ sq. ft. of commercial and retail, a rooftop helipad, and a public baywalk.
Proposed by 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth were also a part of the development of One Thousand Museum. Sales have not yet been announced.
