A New York-based joint venture closed on an Indian Creek development site for $5.65 million.
JMH Development and PSB Capital now plan to develop a boutique condominium at the site, which is located at 2901-2911 Indian Creek Drive.
“This property has tremendous value in terms of its prime location, especially in South Beach where inventory is extremely low,” Jason Halpern, founder of JMH Development, said in a press release. “JMH Development has a strong track record of transforming spaces and neighborhoods and we look forward to this new venture.”
Titan Capital provided a $4 million acquisition loan.
Plans call for a 35,000-square-foot condo building with a rooftop pool and fitness center. – Christopher Cameron