Oak Row Equities, Lndmrk Development Propose Edgewater Rentals
Oak Row Equities and Alex Karakhanian want to build a 38-story multifamily tower in Edgewater, increasing the growing development appetite for the Miami neighborhood.
Oak Row and Karakhanian, through his Lndmrk Development, are proposing a 324-unit building on a 1.5-acre site on the northeast corner of Northeast 29th Street and Northeast Fourth Avenue, according to an application the developers filed to the city. The project would include 22,400 square feet of offices on the eighth level and 13,000 square feet of retail.
Miami’s Urban Development Review Board is expected to take up the project at its meeting on Wednesday. The committee is an adviser to the city zoning administrator, who would have final say on the project.
Last year, Oak Row and Lndmrk bought the development site for $22.5 million, according to records. The 12-lot assemblage is at 401, 411, 421, 431 and 437 Northeast 29th Street; 2921 and 2927 Northeast Fourth Avenue; and 420, 430, 440, 450 and 454 Northeast 29th Terrace.
Oak Row, led by David Weitz and Erik Rutter, has a 3 million-square-foot portfolio with 1,300 multifamily units and roughly $1 billion of assets under management, according to its website.
Formerly known as Carpe Real Estate Partners, Oak Row has been a hefty investor in Miami, but has an office in New York as well.
Elsewhere in Edgewater, Oak Row has plans for a 40-story apartment and office project on a full city block between Northeast Second Avenue and Biscayne Boulevard, and between Northeast 26th Terrace and Northeast 26th Street. The firm bought the 2-acre site for $35 million last year.
In January, Oak Row scored a $215 million construction loan for the 1 million-square-foot mixed-use Wynwood Plaza project at 95 Northwest 29th Street in Wynwood. The developer’s project partners are L&L Holding Company, Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group.
Karakhanian’s Miami-based Lndmrk is also among the prolific development and investment firms in the city. It is partnering with Property Markets Group on the Wynwood Norte condo project at 112-138 Northwest 30th Street and 119-137 Northwest 29th Street, after the developers paid $20 million for the site last month.
