Chetrit drops $97.5M on Brickell assemblage

Site will become Miami Riverwalk
August 18, 2014 11:55AM

Joseph Chetrit and a rendering of Riverwalk

Chris Deitz of Fite Shavell & Associates has brokered a $97.5 million deal for 6.5 acres near Brickell that will become Miami Riverwalk.

Plans for the complex call for four towers that would include residential, hotel, retail space and a marina on 700 feet along the Miami River, according to the Palm Beach Daily News.

Joe and Meyer Chetrit of CG Florida Properties in partnership with Miami developer Ari Pearl, purchased the eight adjacent properties with 20 addresses.

“In early 2012, the real estate on the island was still slow, and I heard that Miami was starting to take off again,” Deitz said. “I went down and started to scout areas where I could assemble property in close proximity of other upcoming developments. I proceeded to call over the next few months and secured a continuous assemblage of property.” [Palm Beach Daily News]Christopher Cameron