Wednesday, July 09, 2014

Miami River New Developments Planned

We read today in the South Florida Business Journal:

Condo developer buys Finnegan’s bar on Miami River

A company led by New York developer Meyer Chetrit acquired the Finnegan’s bar property on the Miami River for $11.5 million and plans to build a condo there.

Ocean Drive Clevelander, led by Anthony Karpawich, sold the 39,495-square-foot property at 401 S.W. Third Ave. to CG Miami River, led by Chertrit. The 10,871-square-foot bar includes a pool along the river, but perhaps not for much longer.

According to a Miami Today story in May, Chetrit Group submitted plans to the Miami River Commission for four 60-story condo towers with a total of 1,449 units, plus a marina and hotel. 

And then we read the "related content":

Developer pays $33M for Miami River site, 1,426 units planned

In June, CG Miami River paid $4.6 million to Bachelor Foods for a 14,866-square-foot site at 621 S.W. Third Ave.

Given the distance between the Bachelor Foods property and the bar site along the river, it looks like Chetrit has a handful of acquisitions to close before he assembles this site.

Henry B. Nathan

 (800) 416-2747   (954) 296-6741

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