New York venture buys South Beach assemblage
A New York-based joint venture completed the $13.6 million acquisition of a South Beach development site with plans to construct a boutique luxury condo building, The Real Deal has learned.
The assemblage at 302, 310, 320 and 336 Collins Avenue includes the former Hebrew Home of South Beach assisted living facility, according to Thursday’s written announcement from Jason Halpern’s JMH Development. JMH and PSB Capital are partnering on the purchase and future development of the site. Halpern’s company is currently building the Aloft Hotel in South Beach.
Construction of the condo building is expected to begin later this year.
“It’s rare to identify such an incredible development opportunity in the heart of the South of Fifth neighborhood,” Halpern said. “We look forward to creating a selection of beautifully designed condominiums in what we believe is one of the most desirable neighborhoods in South Beach.”
The venture received an $8.1 million loan from Titan Capital for the acquisition, according to Miami-Dade County records.
Robert Kaplan and Chris Lentz of Miami’s Ackman-Ziff Real Estate Group represented the seller, South Beach Plaza.