Brazilian developer enters Miami market

Miami /
Oct.October 29, 2014 05:15 PM

A developer with 30 years of experience in Brazil recently unveiled a new project for Miami that challenges conventional wisdom.

Rodolfo Ishak spoke to the Daily Business Review about his 35-story Krystal tower, which calls for 153 residences on a stalled project on a foreclosed lot the company bought earlier this year at 530 NW First Court in Miami’s Overtown, an historically African-American neighborhood not often mentioned by developers.

“We see the Overtown area as being on the cusp of development and foresee a big boost in prices there, precisely because of what’s going on around it,” Ishak told the newspaper, pointing to development at the All Aboard Florida train station and Miami Worldcenter. “We see everything that’s happening directly around our building, and we think that with the price point we’ve set it makes sense in this area.”

The project is priced at $450 per square foot. Ishak predicted that when the project is done, the pricing will be 20 to 30 percent higher. [Daily Business Review] – Jennifer White Karp


Related Articles

arrow_forward_ios
Miami Mayor Francis Suarez and Commissioner Joe Carollo (Getty)
Controversial Virginia Key homeless camp plan put on hold
Controversial Virginia Key homeless camp plan put on hold
Estate Companies Jeffrey Ardizon, Avanti's Christian Garner, and Estate Companies Robert Suris with Soleste Grand Central
Avanti pays $181M for apartment building near Brightline’s MiamiCentral
Avanti pays $181M for apartment building near Brightline’s MiamiCentral
From left: Michael Swerdlow and Don Peebles along with a rendering of Block 55 in Miami's Overtown neighborhood (The Peebles Corporation, Swerdlow Group, iStock)
Don Peebles on the hook for $800K in legal fees tied to Overtown lawsuit
Don Peebles on the hook for $800K in legal fees tied to Overtown lawsuit
Don Peebles, Michael Swerdlow and a rendering of the development (Black 55)
Don Peebles drops remaining $160M claims tied to Overtown development lawsuit
Don Peebles drops remaining $160M claims tied to Overtown development lawsuit
Citywalk Apartments (Crexi)
Miami Beach investor buys apartment complex in Overtown Opportunity Zone for $12M
Miami Beach investor buys apartment complex in Overtown Opportunity Zone for $12M
Peebles loses $15M claim tied to allegations he was duped out of Miami Overtown project
Peebles loses $15M claim tied to allegations he was duped out of Miami Overtown project
Peebles loses $15M claim tied to allegations he was duped out of Miami Overtown project
249 Northwest 6th Street and Michael Swerdlow (Arquitectonica, Swerdlow Group)
Michael Swerdlow’s Block 55 in Overtown lands nearly $8M affordable housing grant
Michael Swerdlow’s Block 55 in Overtown lands nearly $8M affordable housing grant
Citywalk Apartments at 415 Northwest Ninth Street (Courtesy of The Porosoff Group)
Multifamily complex in Overtown Opportunity Zone hits market for nearly $12M
Multifamily complex in Overtown Opportunity Zone hits market for nearly $12M
arrow_forward_ios

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

Loading...