Published On: Thu, Aug 21st, 2014

Chetrit Put Down $97.5 Million in Miami Riverwalk

Miami_Riverwalk

The Chetrit Group’s plans for a development in the Miami Riverwalk are moving forward. It put down $97.5 million last month for more than 6½ acres in the Brickell neighborhood just east of I-95 in downtown Miami.

Joe and Meyer Chetrit’s CG Florida Properties, an affiliate of the New York based Chetrit Group, acquired eight adjacent properties with 20 different addresses as part of the deal. They are developing the properties in partnership with the Miami real estate developer Ari Pearl.

Miami Riverwalk will hold 1, 772 residential units, a 360 room hotel, a retail area and a 700 foot long marina. It will include four sixty story, 750 foot towers. There will also be retail spaces, office spaces, open green spaces and parking garages. The area is bordered by the Miami River, Southwest Seventh Street, Southwest Third Avenue and Southwest Second Avenue.

It will have a total of 4, 211, 800 square feet, including 119, 604 square feet of office space and 180, 195 of commercial space. It was designed by the architect Kobi Karp.

Real estate agent Chris Deitz of Fite Shavell & Associates credited the Great Recession with helping him make the deal which he brokered. Deitz told the Palm Beach Daily News, “In early 2012, the real estate on the island was still slow, and I heard that Miami was starting to take off again. I went down and started to scout areas where I could assemble property in close proximity of other upcoming developments. I proceeded to call over the next few months and secured a continuous assemblage of property.”

In order to make the deal, Chetrit acquired $55 million in short term financing from UBS Real Estate Securities in July.

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