South Florida roundup

Chetrit project gets OK

The Miami City Commission approved a development agreement and rezoning of a 10-acre site where the New York-based Chetrit Group and local developer Ari Pearl plan to build a $1 billion mixed-used riverfront project next to I-95 that would include four towers, a hotel, shops, restaurants and a public river walk with boat slips.

To obtain city approval for higher density, the developers promised to invest $14 million into an affordable workforce housing fund, as well as $7 million for public infrastructure surrounding the project, including renovating Jose Marti Park.

Located between Southwest Second Avenue and Southwest Third Avenue, the Miami River and Southwest Seventh Street, the project will be built on 6.2 acres in five phases. The complex is comprised of 1,678 residential units, 330 hotel rooms, 266,000 square feet of retail and office space and more than 2,000 spaces. The developers are also getting 1.2 million square feet of “air rights” from the city at $17.82 a square foot, or $21 million, which is being used to finance the public improvements. Pearl and the Chetrit Group assembled the land for roughly $100 million last year.

Chinese to seek EB-5 for massive project

China City Construction and American Da Tang Group, which are planning a nearly $1 billion mixed-use development in Miami’s Brickell area, will seek EB-5 funding to help build the project, an attorney linked to the developers said.

China City Construction Holding Group and American Da Tang Group’s CCCC Miami Towers will look for up to $350 million in EB-5 funds, said attorney Roger Bernstein, who co-owns the EB-5 regional center sponsoring the development. The Miami-based regional center, American Life Investments, will promote the project among EB-5 investors in China and Latin America. The developers will be seeking 700 investors.

Last December, American Da Tang and a China City Construction affiliate acquired the site at 1430 South Miami Avenue in the Brickell area for $74.7 million. The construction of CCCC Miami Towers is expected to cost $875 million. The mixed-use project will include residential condominiums, a hotel and office and retail space.

Plane crash kills Pebb Enterprises employees

Two Pebb Enterprises principals and five employees were among the nine victims of a deadly plane crash in Akron, Ohio, that also claimed the lives of two crew members.

The family-owned commercial property firm’s principal Jared Weiner, 35, led Pebb’s growth and development activities. Principal Ori Rom, 32, was head of asset management of the firm’s existing portfolio. Thomas Virgin, 31, was director of construction. Gary Shapiro, 35, was director of leasing. Diane Smoot, 50, was the company’s director of lease administration and property accounting. And Diana Suriel, 32, was project manager assistant.

The victims were aboard a Hawker H25 on a trip to scout properties when the small plane crashed into an apartment complex.