Oak Road Equities Announces Plans for a 40 Story Tower at 2600 Biscayne
Oak Row Equities recently revealed that it had closed on the purchase of a 2.1-acre site on one of the final vacant city blocks in Edgewater. For $35 million, the company purchased 2600 Biscayne Boulevard in order to build a mixed-use building designed by Arquitectonica.
One of Miami’s most rapidly expanding real estate development companies, Oak Row Equities, has ongoing projects in Wynwood, North Miami Beach, Edgewater, and the Design District.
The company’s most recent acquisition is 2600 Biscayne Boulevard. The 2.1-acre lot in the highly sought-after coastal community of Edgewater has just been closed by Oak Row Equities. A mixed-use development with 399 condo units, roughly 160,000 rentable SF of office space, and 6,500 rentable SF of retail space is what Oak Row Equities intends to construct.
Tower Information
40 stories tall
399 class A residential units
160,000 rentable sq. ft. of office space
6,500 rentable sq. ft. of retail space
The proposed Brightline commuter rail is one block away from the location. Arquitectonica, a renowned local architectural studio, will create 2600 Biscayne. A third of the offices at 2600 Biscayne have already been pre-leased by Oak Row Equities. The development team includes LNDMRK Development, owned by Alex Karakhanian.
The Fairholme Foundation, run by Bruce Berkowitz, had previously intended to turn the site into a museum. In 2013, Fairholme spent $6.79 million to purchase the home.
Edgewater Tower Proposed by Aimco is Denied Approval
After a city of Miami board refused to recommend approval of Aimco’s plans for a luxury rental tower in Edgewater, the developer is determined to revaluate the development plans and come up with a solution to get these plans moving forward.
After identifying a number of “serious concerns” with the design, members of the Miami Urban Development Review Board voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower. Despite the board’s rejection, Aimco can still seek approval for the project.
The board was initially split on whether or not to recommend acceptance of the proposals with conditions, with three members voting in favor and three voting against. As a result, the developer can either withdraw its application and start the process all over again, or the board can vote to decline the recommendation, allowing the developer to submit amended plans to the planning director for final approval.
Aimco’s attorney, Tony Recio, a partner at Weiss Serota Helfman Cole + Bierman, said the developer is examining the board’s ideas and looks forward to “addressing their criticisms with the planning director” as the project moves further. Recio submitted the concept to the board of directors on Wednesday.
Though they praised the project’s overall design, board members expressed concerns about circulation on the ground level, including how residents and restaurant customers would access parking, apartments, and the restaurant, as well as loading and trash collection, landscaping, and an oversized mail room.
At 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, Aimco, a publicly traded multifamily real estate investment company located in Denver, has proposed a 60-story, 241-unit tower. On more than an acre of land, the construction would include a new parking structure and 4,700 square feet of commercial space for a restaurant on the bottom level facing the water.
Aimco has made a significant investment in Edgewater. It paid over $90 million for the Hamilton on the Bay rental complex, which is currently undergoing substantial renovations, nearly two years ago. A nearby vacant lot and a modest rental building were included in the purchase.
Following the cancellation of its tenants’ leases at the Hamilton last year, Aimco purchased premises across the street, where the new project would be built.
Two Roads Development Buys $150 Million Edgewater Site for a 3 Tower Project
Two Roads Development recently purchased a $150 million development site in Miami’s Edgewater neighborhood, with the intent to build a 3-tower luxury condominium complex.
With the purchase of Biscayne 21, a 1960s-era condo with 191 units, Two Roads obtained the 3.5-acre beachfront lot located at 2121 North Bayshore Drive for $150 million.
Arquitectonica’s Bernardo Fort-Brescia will design the tower, which will contain branded apartments and luxury condo units.
Three Roads Development plans to build the 3 towers rising 60 stories tall or about 649 feet tall with up to 750 residential units and apartments.
The sellers which include 176 unit owners, were represented by an Avison Young team led by John Crotty and Michael Fay. More than two years ago, the unit owners came together and hired Avison Young to offer their property in bulk to Two Roads Development.
According to the Avison Young team, the unit owners were able “to negotiate for a multiple of more than three times what the sellers would have sold their individual units for on a one-off basis.”
Two Roads is a West Palm Beach and Miami-based developer that is known for its other towers including Elysee and Biscayne Beach.
729 Edge Tower in Edgewater Receives Plan Approval
When we first announced plans for the 729 Edge development in October 2021, we had only received information about the Miami Review Board meeting for the proposal for this tower. Months later, we are happy to announce that plans have been approved for the 58 story tower located in Edgewater.
The plans are moving right along and recently the developers have assembled the land for $29.08 million which includes three lots. One lot was located at 710 NE 29th Street which was purchased for $17.5 million. The 2nd parcel was purchased for $6 million located at 530 NE 29th Street. The last parcel located at 483, 485m, and 501 NW 29th Street was purchased for $5.58 million.
Located along Biscayne Bay spanning over 0.88 acres, the tower is not only being developed by part of the same team that was responsible for One Thousand Museum but it will also be very similar in design.
The project will be designed by Hollywood-based ODP Architecture & Design who also assisted the late Zaha Hadid on One Thousand Museum.
The project itself would expand 342,848 square feet rising 58 stories tall. There would be a proposed 70 luxury units with three to five-bedroom options. The breakdown of the units would be one to two units per floor. Full floor units would expand a total of 6,174 square feet. 729 Edge would also feature 2 penthouses-styled townhomes spanning two floors.
There would also be 13,037 square feet of commercial space between two buildings with a restaurant on the lower level of the condo tower.
The units will have three to five bedrooms with one or two units on each floor. Pricing has not been announced.
Amenities will be similar to those of One Thousand Museum.
Tower Amenities:
Private dock
Lounge/bar
Business center
Private dining room
Theater room
Storage space for owners
Fitness room
Salon/spa
Indoor pool
Juice bar
Sky lobby on the top floor
The developers include 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth.
Kushner Acquires Multiple Edgewater Sites for a 1,100 Unit Development
In two separate transactions totaling $37.64 million, a Kushner Cos. subsidiary purchased an entire block in Miami’s Edgewater neighborhood.
Biscayne and 19th Street LLC in Miami, owned by Enrique Manhard, sold the 1.33-acre site located at 1900 and 1920 Biscayne Blvd.; 221, 231, 237, 261, 269, and 281 N.E. 19th St.; and 222, 230, 244, and 250 N.E. 20th St. to buyer, Laurent Morali, President of Kushner Cos.
Manhard’s firm built the property with agreements totaling $18.4 million in 2017, $2.52 million in 2018, and $1.64 million in 2020, resulting in a significant profit. The only lot that is not included in the block is the Advance Auto Parts on NE 2nd Avenue.
Several office and residential buildings are located on the land. Some were constructed in the 1920s. The 1900 Biscayne Blvd. site has the same zoning as the nearby 32,775 square foot lot at 2000 Biscayne Blvd. That property was also bought by Kushner for $20.5 million from a firm run by Manhard in July 2021. Its proposals for the other property include 420 units spread across 36 stories.
Kushner executives have stated that they intend to develop around 1,100 residences in Edgewater and their hope is to capitalize on South Miami’s hot market.
Kushner Cos. financed the property through MSD Partner in New York with a $20 million mortgage.
Charles Kushner, the father of Jared Kushner, former President Donald J. Trump’s son-in-law, leads the corporation.
Melo Group Purchases Entire City Block in Edgewater to Build a Four Tower Development
Melo Group has recently purchased an entire 3.04-acre city block for $105 million in Miami’s Edgewater neighborhood with the intention of establishing a huge development.
The entire block extends from Biscayne Boulevard to Northwest Second Avenue between Northeast 17th Street and Northeast 17th Terrace with the primary address as 1700 Biscayne Blvd.
The sellers of the land are Biscayne Arts LLC, Biscayne Arts Plaza LLC, Brickell North Investments, and Miami Proarts II but the press release stated that the land is managed by James Goldstein in Fort Lauderdale. They have owned the property for decades and the current block features 2 office buildings, parking lots, and a Burger King.
The Melo Group plans to develop four 60 story towers with condos, apartments, and retail space with the condo units totaling 1,520 residential units. The property was purchased for $105 million at $69,000 per buildable unit.
According to a representative of the Melo Group, “the Biscayne Place sale marks the highest price per square foot for any non-waterfront property in Miami’s Arts & Entertainment District and the second-highest in Edgewater.”
The Melo Group has built more than 6,000 condos in the city throughout the last 20 years with a majority of its projects located in Edgewater as well as the Arts & Entertainment District. If this property moves forward, this will be the largest development that the Melo Group has built in Miami.
Plans Submitted in Miami for S-Shaped Mixed Use Tower
In 2018, plans for a 60-story mixed-use project located at 1370 NE 2nd Avenue in Edgewater was proposed. The proposal was expected to bring 100,000 square feet of office space, 1,100 residential units made up of condos and rentals, and 1,100 parking spaces. The developer, Cresent Heights purchased the land in March 2017 for $64 million but the project came to a standstill.
Now, alternative plans for the site have been submitted that still would include a large mixed-use complex. The developer for this project will still be Cresent Heights and they will be combining the $64 million dollar property with land owned by the School Board of Miami-Dade.
The 1.13-acre development site will be designed by Rafael Viñoly Architects and the towers themselves will take the shape of an S. The project will include 1,441 residential units, 100,000 square feet of office space (dedicated offices for the School Board of Miami-Dade County), auditorium, 19,673 square feet of office space for Cresent Heights, 5 levels of amenities, and nine levels of parking. The towers will rise 43 stories reaching 649 feet tall.
Amenities:
bowling alley
indoor basketball court
indoor lap pool
indoor running track
management office on the ground floor
9 parking levels (3 public, 6 restricted)
The developer has chosen to have the proposal reviewed by Miami-Dade County under the Metromover Subzone Zoning Standards. The move permits them to avoid the more stringent planning, zoning, and design approval required by the City of Miami.
New Waterfront Condo Development Proposed in Edgewater
The same developers that brought you One Thousand Museum are proposing a new waterfront luxury condo development in the Edgewater neighborhood. Receiving its name from its street address, 710 N.E. 29th Street, 729 Edge will sit on 0.47 acres along Biscayne Bay.
The five parcels that the developers have planned for this project are currently under contract and they also plan to buy out Harbor 29 condominiums for this development as well.
The project itself would expand 342,848 square feet rising 58 stories tall. There would be a proposed 70 luxury units with three to five-bedroom options. The breakdown of the units would be one to two units per floor. Full floor units would expand a total of 6,174 square feet. 729 Edge would also feature 2 penthouses-styled townhomes spanning two floors.
The parking garage would rise 9 stories featuring 160 spaces. The garage is planned to be developed on 483, 485, 501, and 530 N.E. 29th Street totaling 0.41 acres. These lots are also under contract with the developers.
There would also be 13,037 square feet of commercial space between two buildings with a restaurant on the lower level of the condo tower.
Zaha Hadid with ODP Architecture & Design was the mastermind behind the design of One Thousand Museum. For 729 Edge, ODP will be the architecture and will feature some similar elements to Hadid’s designs.
Amenities will be similar to those of One Thousand Museum.
Tower Amenities:
Private dock
Lounge/bar
Business center
Private dining room
Theater room
Storage space for owners
Fitness room
Salon/spa
Indoor pool
Juice bar
Sky lobby on the top floor
Plans for 729 Edge have already been submitted to the city’s Urban Development Review Board but will be reviewed on October 20th. 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.
Plans for Aria Reserve Towers Officially Approved
Miami’s Urban Development Review Board voted last Wednesday on approval for Aria Reserve in Edgewater. Approval was received from Miami’s Planning Department and was key in beginning the first steps of the twin tower construction project.
Sales for Aria Reserve South tower began last month, and according to the developers, the Melo Group, condo sales are strong. With over 20% of the units already reserved, they are expecting an increase in sales.
Rising 60 stories at 627 feet, Aria Reserve features two towers and will be considered the tallest residential twin towers in the United States. Each tower will feature around 390 units and 1,608 parking spaces.
Units are starting at $750,000 and the 15 penthouses are starting at $12 million. Units will feature 1 to 4 bedroom floor plans with 1,100 to 2,600 square feet of living space. The penthouses will range from 3,500 to 9,000 square feet, each with a 3-car garage.
Tower Amenities:
2-acre recreation deck
Lap pool and spa
Gaming center
Playground
Tennis courts
Basketball courts
Paddle courts
Miniature golf course
Wellness center
Gym
Meditation Garden
Residence Features
Unobstructed views of Biscayne Bay and Ocean
Finished residences with two flooring options
All residences include 2 high-speed elevators
All residences include an office/media room
All residences are sunrise-sunset flow-through from East to West
3-month seasonal rentals allowed up to 4 times per year
Based on market demand, the Melo Group with determine whether to begin sales for tower 2. Construction of Aria Reserve south tower should begin in the spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at Aria Reserve, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Missoni Baia Tops off Construction
The long-awaited 649-foot waterfront tower, Missoni Baia is now topping off construction at 57 stories. Located in the Edgewater neighborhood of Biscayne Bay at 777 NE 26th Terrace. Missoni Baia is the first Missoni branded condominium tower in the world.
Developers for this project include OKO Group and Cain International who are responsible for creations such as UNA Residences and 830 Brickell. The building is being designed by architect Hani Rashid of Asymptote Architecture and landscape design by Enzo Enea.
This luxury tower features 249 units with 1 to 5 bedroom floor plans measuring between 776 and 3,788 square feet. Pricing for the units fall between $650,000 to $9 million. This bayfront tower also features 200 feet of linear Bayfront access.
According to Vanessa Grout, the CEO of the OKO Group, domestic buyers surged once single-family home prices escalated. “As a result, luxury condominiums like Missoni Baia are proving much more attractive, promising less maintenance costs and an abundance of resort-style amenities,” says Grout.
Interior unit features include 10-foot ceilings, expansive terraces, impact-resistant glass windows, and custom kitchens with high-end appliances. Residents of Missoni Baia will have access to ultra-luxurious amenities including a private spa with sauna, steam room, multiple pools with poolside lounges, a bay-terrace lounge, resident game room, kid’s pool and play area, and a pet spa.
As of June, a majority of the units at Missoni Baia have sold, and closed sales have reached approximately $100 million. This gorgeous tower is set to complete at the end of 2021. If you or someone you know have an interest in purchasing one of the units at Missoni Baia, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
