Coastline-Nakash Equity Plans Rentals Near Miami River
A developer wants to build an 822-unit apartment complex between Miami International Airport and the Miami River.
Coastline-Nakash Equity Capital Group, led by Yaniv Nakash and Eyal Mehaber, plans the Eden project on roughly 7 acres at 3550 Northwest South River Drive along Palmer Lake in unincorporated Miami-Dade County, Nakash told The Real Deal.
Designed by Sklarchitecture, Eden would consist of four buildings, an 821-space garage, roughly 60,000 square feet of retail and a movie theater in each building, according to Nakash and filings to the county. Because the site is in an airport flight path, building heights are restricted to roughly eight stories. Airport officials have already signed off on the proposal, Nakash said.
Nakash is partly betting on rental demand from residents who use the nearby Miami Intermodal Center, a train and bus hub, he said.
The site, now a junk car lot, is owned by an entity led by the Seoane family, according to records. Nakash said his firm has put equity into the site already and would complete the purchase of the site when Coastline-Nakash is ready to start construction. The total purchase price would be $25 million, Nakash said.
Coastline-Nakash lists offices in Miami-Dade, New York and New Jersey. The firm isn’t affiliated with the Nakash real estate family that owns the Hotel Breakwater in Miami Beach and whose patriarch Joseph Nakash founded the Jordache clothing company.
The project would mark a significant redevelopment of the area that’s now mostly home to industrial buildings and warehouses catering to the marine industry in this section of the river.
Most riverfront development has been in a section of the river east of the Eden site. Another firm betting on the western bank is Andrew Korge’s Korgeous Development, which paid $6.5 million for a 2-acre industrial-marine property at 3007 Northwest South River Drive last year. At the time, Korge said a specific project plan hadn’t been hammered out, though options include a 300-plus-unit residential project.
