New York developer David Edelstein has secured construction financing for his much debated Lincoln Road project, according to Miami-Dade County records.
Edelstein’s TriStar Capital’s plans call for a contemporary 15,789-square-foot, two-story retail building.
A TriStar affiliate closed on the $19.3 million leasehold mortgage for the nearly 1-acre site on the corner of Drexel Avenue and Lincoln Road – a property that Edelstein’s South Beach TriStar LLC leases from the Miami Beach Community Church. A leasehold mortgage can be used by a tenant under a long-term ground lease to secure financing for construction or major renovations. Comerica Bank is the lender, records show.
Miami-based Touzet Studios, which designed the new Apple Store and the future Nike store on Lincoln Road, is also designing this property.
In May, Edelstein said, “it’s going to be a gorgeous building,” promising “a flagship property.” Rent paid to the church will enable the congregation to fund its restoration and maintenance as well as its food pantry and homeless programs. “It will be endowed for the next 100 years,” he said at the time.
Edelstein is no stranger to the popular retail and restaurant district: he owns 918 and 920 Lincoln Road, which he acquired in July for $18.5 million; 530 Lincoln Road, which he paid $30 million for in 2013; and 521 Lincoln Road, which he acquired in 2008 for $8.4 million.