Related venture acquires Midtown Miami project site

New York /
Nov.November 21, 2013 03:59 PM

From the South Florida site: A Related Companies affiliate has officially taken ownership of the site of its planned condo-hotel in Midtown Miami, The Real Deal has learned. PRH Midtown 3 took title to The 3301 Northeast First Avenue property in a $12.1 million transaction, according to Miami-Dade County records. Seller Midtown Opportunities IIB filed a special warranty deed with the county on Monday.

The buyer shares a mailing address with the Jorge Perez-led Related Group, the New York City-based developer’s Florida division.

PRH stands for Perez Ross Holdings, a joint venture between Related Group and the Related Companies, led by Stephen Ross. The venture was formed for a variety of South Florida investments and projects.

Messages left with a Related spokesperson were not returned.

Related announced over the summer that it planned to develop the Arquitectonica-designed Hyde Midtown tower on the property. The 31-story, 372-foot-tall building, considered a companion to SLS Hotel in South Beach, will have 440 units – 400 condo units and 40 hotel rooms.

Of the condo units, most will be two-bedrooms. A 526-space parking garage and nearly 22,000 square feet of retail space are also part of initial development plans. Related has had quite a busy week. Reports that the company has a $100 million contract to buy four waterfront acres at 444 Brickell Avenue in Miami surfaced on Monday. It also obtained approval from the West Palm Beach planning board for a 400-room convention center hotel project.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
David Chang (Getty)
Momofuku Kāwi and Peach Mart close in Hudson Yards
Momofuku Kāwi and Peach Mart close in Hudson Yards
From left: Stephen Ross, Andrew Yang, Eric Adams, Kathryn Garcia and Shaun Donovan (Getty)
Real estate plots to prevent second de Blasio disaster
Real estate plots to prevent second de Blasio disaster
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
Vornado Realty Trust’s Steve Roth,  Daryl Roth and Related Companies CEO Stephen Ross (Getty)
Steven Roth’s wife bets $500K on McGuire for mayor
Steven Roth’s wife bets $500K on McGuire for mayor
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...