Fisher Island’s Last Development Site Sells for $123M – Multifamily Real Estate News
The Related Group, in a joint venture with Teddy Sagi, Wanxiang America RE and BH Group, has acquired the last available development site on Miami Beach’s Fisher Island for $122.6 million, Miami-Dade County records show. Tara Bernerd and Partners and Kobi Karp Architects will design the project.
The 6 Fisher Island Drive development will offer 50 condominium homes and preserve the village-like atmosphere and experience of the island, BH Group’s Isaac Toledano said in prepared remarks. Sales are slated to begin by the end of 2022 and will be invite-only.
The 216-acre Fisher Island island offers exclusive amenities such as a private beach, private golf course, butler service and member-only restaurant. There are marina facilities, several dining options, retail spaces, entertainment venues and green areas on the island, such as Vanderbilt Park. Fisher Island Day School, MDFR Firehouse and a health-care facility are also present.
Fisher Island is located directly off the coast of Miami Beach and represents a man-made project. The exclusive community can be accessed only via watercraft or ferry. The area is known to be home to many notable figures.
The Related Group, along with BH Group and ROVR Development, recently announced the development of a 343-unit luxury high-rise condominium in Miami, financed through a $76 million construction loan provided by Madison Realty Capital.
