Related Group, Karakhanian Buy Site Near the Villa Project
Related Group and Alex Karakhanian closed on a development site in Miami’s Edgewater, across from the planned Villa Miami tower, The Real Deal has learned.
The Pérez family’s Miami-based Related and Karakhanian’s Lndmrk Development acquired the 0.4-acre assemblage at 519, 525 and 535 Northeast 29th Street, the two firms said. It marks Related’s first new investment in Edgewater since it completed the multi-tower Paraiso complex in 2019.
It’s unclear what Related and Lndmrk plan to build on the site. Records show it’s zoned T6-36-A, which allows for 150 units per acre and a building of up to 36 stories tall. That means about 60 units could be built without securing bonuses.
Joel Rodriguez and Alex Suarez of Global Investments Realty brokered the off-market deal.
PPD Edgewater LLC paid $7.4 million for the three lots in 2021, records show. The seller’s entity is led by Esteban Koffsmon. Koffsmon is an executive at Hallandale Beach-based Château Group, but owned the site separately from the development firm.
Koffsmon said he planned to build a 62-unit luxury high-rise, designed by Buenos Aires-based Dieguez Fridman Arquitectos & Asociados. He said he was not looking to sell the assemblage.
Related and Lndmrk paid just over $12 million, or $670 per square foot, for the property, marking a 60 percent increase from its purchase price in 2021.
The two firms have partnered on other projects, including the Dorsey and NoMad Residences, both of which are in Miami’s Wynwood.
The Edgewater site is across the street from the planned Villa Miami project, led by Terra, One Thousand Group and Major Food Group. The 58-story, 650-foot tower at 710 Northeast 29th Street will have about 50 units.
Major Food Group officially became involved in the project this year. About two years ago, developers Louis Birdman, Kevin Venger, Michael Konig and Alex Posth, secured approval for the tower, previously called 729 Edge, which, at the time, was considered a One Thousand Museum look-alike. Birdman and Venger were part of the development team for One Thousand Museum, designed by the late Zaha Hadid.
Earlier this month, SB Development and Hazelton Capital Group launched sales of Cove Miami, a waterfront 40-story, 116-unit building expected to rise at 456, 480 and 496 Northeast 29th Street. That site is directly adjacent to the planned Villa Miami.
More than a dozen residential developments are in the works in Edgewater. The neighborhood is north of downtown Miami and east of Wynwood.
Related’s Paraiso development includes the standalone Amara at Paraiso restaurant building, which fronts the bay. The four-tower, 11-acre project was designed by Arquitectonica and has about 1,400 condos within One Paraiso, Gran Paraiso, Paraiso Bay and Paraiso Bayviews, plus seven four-story townhomes.
