CK Prive Group picked up another development site in North Miami Beach for $8.3 million, county records show.
The joint-venture between Prive Land Banking and CK Holding Group on Wednesday closed on the nearly 2-acre property at 2261 Northeast 164th Street for $97 per square foot.
There, CK Prive plans to develop a mixed-use project with 400 rental apartments and ground-floor retail, a spokesperson told The Real Deal. The development will replace the 35,500-square-foot warehouse, built in 1969, that is currently on the property.
Miami-Dade County property records show Commercial Developers, a North Miami Beach-based partnership, sold the warehouse. Partners John and Rhoda Kurzman, Gerard Berkell, and Hannah Lennard signed the deed transfer of ownership. The company paid $600,000 for the property in 1984.
Prive Land Banking CEO Javier Rabinovich said there is increasing demand to generate new activity in Aventura and North Miami Beach.
The two firms are also partnering on the redevelopment of the Dean’s Gold strip club site, just north of their most recent acquisition, and an office condo just west of Aventura in Ojus. Arquitectonica is designing the Dean’s Gold site and the planned Forum Aventura project, the latter of which will have 12 stories with ground level retail condos and a rooftop terrace.