The Real Deal Miami

Argentine group plans mixed-use project in North Miami Beach

A parking lot is planned to become a 30-story apartment building with retail and restaurants

August 14, 2015 04:30PM
By Ina Cordle

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1700 Northeast 164th Street in North Miami Beach, Patricia Rotsztain and Tomas Sulichin

A group of Argentine investors has just purchased a parcel of land in North Miami Beach, with plans to create a mixed-use development that will include a 30-story apartment building, The Real Deal has learned.

The one-plus-acre parking lot at 1700 Northeast 164th Street, sold on Friday for $2.15 million, Patricia Rotsztain of Rotsztain & Sulichin told TRD. The seller was D & H 1701 Vision LLC.

Rotsztain & Sulichin — Rotsztain’s firm with her son Tomas Sulichin  acted as the listing broker and transaction broker, representing both sides of the deal.

The property had served as the parking lot for the eye clinic across the street, Rotsztain said. Public records show the selling entity, managed by Joseph Hoffman, had purchased the parking lot in February 2010 for $1.15 million.

Such plots of land have became desirable for developers since the city of North Miami Beach changed its building code, allowing for construction of up to 30 stories or 250 feet in height, Rotsztain told TRD. The property is located within a community redevelopment area, which is part of the city’s master plan, she said.

Other projects that are planned or under construction in North Miami Beach include Marina Palms, a waterfront development at 172nd Street and Biscayne Boulevard, which will have two 25-story towers with a combined 468 residences and The Harbour, a twin-tower waterfront condo project at 6385 Biscayne Boulevard.

“There were two previous contracts on this property that fell apart during the due diligence,” Rotsztain said. “One because of financial difficulties in their country, and the other was taken by surprise when the planning department told them they would soon be able to build almost four times the amount of units allowed by the old code.”

She said the Argentine developers, who she declined to name, plan to build a mixed-use project, including a luxury apartment tower, with retail and restaurants on the ground level. The investors have spoken to IDEA, an architectural firm originally from Canada, which is active in North Miami Beach.

Alan A. Lips, a certified public accountant and partner in Gerson, Preston, Robinson & Co. in Miami Beach, said he was involved with the Argentine principals in the planning and structuring of the acquisition, but also declined to name them.

“These are significant and experienced developers in Argentina with an excellent reputation,” said Lips, who specializes in international tax planning, and whose largest client base is from Argentina.

Such real estate developers increasingly look to South Florida for new opportunities, he said. “It’s difficult to do anything in Argentina due to the economic crisis and the political limitations and very heavily as a result of the currency issues,” Lips said. “Miami is home for them because they can fit in here.”