Related venture acquires Midtown project site

Miami /
Nov.November 21, 2013 03:04 PM

A Jorge Perez and Stephen Ross-led company has officially taken ownership of the site of their 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 buying company shares a mailing address with the Perez-led Related Group. PRH stands for Perez Ross Holdings, a joint venture between Related Group and New York-based The Related Cos., which is led by 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 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
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Jorge and Darlene Pérez with the home (Compass, Getty)
Billionaire developer Jorge Pérez sells Coconut Grove mansion for $33M, donates proceeds
Billionaire developer Jorge Pérez sells Coconut Grove mansion for $33M, donates proceeds
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
The Fairwind Hotel and Joseph Chetrit (Getty, Fairwind)
Chetrit Group sells Miami Beach hotel for $42M
Chetrit Group sells Miami Beach hotel for $42M
Renderings of the project Courtesy of Pebb Capital
JV plans high-end offices at old Bancroft Hotel in South Beach
JV plans high-end offices at old Bancroft Hotel in South Beach
JHSF's Fábio Auriemo with Como Metropolitan Miami Beach hotel (Susan Gale Group / One Sotheby’s International Realty)
Brazilian real estate giant JHSF buys oceanfront Miami Beach hotel, plans first Fasano
Brazilian real estate giant JHSF buys oceanfront Miami Beach hotel, plans first Fasano
The Variety Hotel (Getty)
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
arrow_forward_ios

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

Loading...