Joint Venture Gains Design Approval for Miami Beach Condo Project
A developer supergroup has struck the right chord to gain a city board’s approval for a 20-story, 125-unit condominium tower.
On Nov. 13, the Miami Beach Design Review Board voted 5-0 in favor of the joint venture project 72B, a proposed 239,400-square-foot building including a parking pedestal. The 1.6-acre development site is at 600-650 72nd Street, 7116-7134 Carlyle Ave, 7121 Dickens Avenue & 601-621 71st Street.
The ownership entities are affiliates of New York-based Lefferts, Miami-based GFO Investments, Miami-based MMG Equity and Cohen. Pasquale DeBenedictis and Alex Solovey, principals of New York-based nursing home provider Cassena Care, are also investors in the project, records show.
The developers acquired the assemblage for a combined $14.3 million in a series of transactions spanning two decades.
Designed by Miami-based Arquitectonica, 72B will feature 45,000 square feet of indoor and outdoor amenities, including a pool, pickleball court, half-court basketball, spa, lounge and fitness center. The penthouses include private pools.
Units would average 1,200 square feet, but the partnership has not determined pricing, according to a press release. Douglas Elliman is the exclusive sales agent for the property.
The planned tower is adjacent to 72 Park, another proposed condominium by Lefferts and the Galbuts. That project will rise 22 stories and have 206 units starting from the $700,000s, the release states. The developers are also planning to house the Miami Beach outpost of Roberta’s, a Michelin-rated New York restaurant, at 72 Park.
Lefferts and the Galbuts are also teaming up to co-develop a 13-story mixed-use project with 110 rental units in North Beach. The proposed development would also have 8,100 square feet of retail, a nearly 4,900-square-foot rooftop restaurant with a flex terrace, and two floors of parking.
