Thursday, May 01, 2014

Edgewater, Wynwood, Design District, Midtown ... Full speed ahead!

Who would have said twenty years ago? 

The Miami project cruises ahead.

And it seems as if there are many who believe in it.

How many of you have gone and given a look to these new unsuspected neighborhoods in formation ?

Worth a visit.  

The geography has been there all the time. 

We are just noticing that the bay doesn't end where we didn't use to go watch it!


A Miner in Edgewater 

Oleg Baybakov, the Russian mining tycoon behind 700 Edgewater Development LLC, has amassed much of the property near the waterfront between Northeast 26th Street and Northeast 26th Terrace, in Miami.  His largest purchase came in February when he paid $21.5 million for the residential tower at 700 NE 26th Terrace.

The latest purchases involve four lots just east of that property. Baybakov paid an average of $271 per square foot for a combined 32,040 square feet in transactions that closed April 16 and 17, Miami-Dade County records show. As a result, his companies own all but the southwest corner lots of the 2.75-acre block facing Biscayne Bay.

Baybakov's plans for the properties have not been disclosed. The rental building at 700 NE 26th St. has been aggressively shedding tenants for years, and Baybakov's firm has in the past two months initiated eviction proceedings against three tenants. 

Reached Monday, the leasing agent for the building said there was just one apartment available for rent. A previous owner envisioned tearing down the 58-unit project built in 1980 to make way for a 39-story condo.

Baybakov's net worth has not been recently estimated by reliable media sources, but he is believed to be a multibillionaire. He is a frequent business partner of Mikhail Prokhorov, one of the richest Russians alive, telling the Wall Street Journal in 2010 he was a silent partner in Prokhorov's most famous American venture, the Brooklyn Nets professional basketball franchise…

In South Florida, Baybakov also has real estate holdings in Miami's Brickell neighborhood and Miami Beach.

Might These Edgewater Lots Just Bought For $10M Be Next Project For N.Y. Developer?

A New York company about to break ground on a Coral Gables multifamily project has bought land for its next big venture, snapping up a 1.04-acre assemblage in Miami's Edgewater neighborhood for $10 million.

A company linked to New York-based Greystone & Co. Inc., which finances and develops ventures across the country, paid $221 per square foot for the eight contiguous lots west of Biscayne Boulevard between Northeast 25th and 26th streets.

A Greystone spokeswoman said the company plans to develop the property with the same partners on the Coral Gables project but did not provide specific details on what would be built on the newly acquired site. The purchases closed Friday.

In Coral Gables, Greystone is partnering with Miami-based Alta Developers LLC and Strategic Properties Associates Group LLC to build a 119-unit, mixed-use project at 3622 Coral Way. That development was picked up for a similar proposal that was sidelined by the recession. That project breaks grounds Monday.

Greystone's Edgewater project would be their second recent venture in South Florida. The company also completed a health-care project, the Club Health and Rehabilitation Center at The Villages.

Alta and Strategic Properties, Greystone's partners, are managed by long-time South Florida real estate players Raimundo Onetto, Henry Pino and Patricio Ureta. Most recently, they worked together to propose Le Parc at Brickell, a sleek, 12-story tower in Miami's financial district unveiled in May.

 From Daily Business Review – April 28, 2014 

Henry B. Nathan is a Hallandale & Hollywood Real Estate Agent

specialized in Pre-Construction Projects

 (800) 416-2747   (954) 296-6741

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