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Related venture acquires Midtown Miami project site

Hyde Midtown rendering
Hyde Midtown rendering

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.

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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.

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Jorge PerezRelated CompaniesStephen Ross