The Real Deal New York

Kar Properties drops big investment on Miami riverfront

New York developer allowed to build 100,000 square feet of office and retail space

April 25, 2014 05:50PM

Southwest 3rd Street between Miami Avenue and Southwest First Avenue (Inset: Shahab Karmely)

Southwest 3rd Street between Miami Avenue and Southwest First Avenue (Inset: Shahab Karmely)

From the South Florida site: New York developer Kar Properties LLC just dropped $33 million on a 2.9-acre site on Miami’s riverfront — triple the amount it sold for in March 2011.

While plans for the lot have not been announced, the property at Southwest 3rd Street between Miami Avenue and Southwest First Avenue, can hold up to 920 apartments and 100,000 square feet of office and retail space, the Daily Business Review reported.

Last year, Kar purchased another 1.8-acre riverfront plot at 24 Southwest 4th Street for $27.5 million, which the developer intends to turn into a residential condominium building. [Daily Business Review]Sasha von Oldershausen

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