Jason Halpern’s JMH Development just sold its Indian Creek Drive property for $7.75 million, ending its plans to build a condo project on the Miami Beach site.
Records show 2901 JMH LLC sold two parcels, at 2901 and 2922 Indian Creek Drive to 29 ICD LLC with a Brooklyn, New York address linked to Madison Estates Real Estate. The buyer is also linked to Gerard Longo and another entity, Three Stones LLC.
JMH took back a $5.25 million mortgage, records show.
Halpern did not respond to email and telephone requests for comment. He previously told The Real Deal that he planned to develop the Indian Creek property into a condo development with 15 units.
In May 2015, JMH Development, was given the green light from the Miami Beach Historic Preservation Board to demolish a 1938 structure on the site in its bid to build the new 35,000-square-foot building. Halpern paid $5.65 million for one parcel in late 2014 and another for $1.2 million in July 2013.
Halpern told TRD at the time that among the project’s 15 units would be three multi-story townhomes with individual plunge pools. It would also have a semi-automated parking elevator system that residents would operate. The neighborhood is known for having virtually no street parking and squeezing more than 20 parking spaces into the structure would have been extremely difficult without parking elevators, Halpern told TRD, adding that automated parking elevators are common in New York and actually work best in small buildings.
The Indian Creek sale is Halpern’s latest move to sell off his assets in Miami. In September, New York-based JMH Development and Mitchell Hochberg sold the Aloft South Beach to Rockpoint Group for $105 million, or $446,809 per room.
Aloft South Beach, developed by Jason Halpern’s JMH Development, Madden Real Estate Ventures and Starwood Hotels & Resorts, opened in June 2015. Hochberg is the principal of Madden Real Estate Ventures.
After founding JMH Development in 2000, Halpern primarily focused on development projects in New York, before he turned his attention to South Florida. He was among the pioneers in Williamsburg, developing 184 Kent Avenue, a 337-unit rental building that was completed in 2010.
JMH’s remaining property in Miami Beach is Three Hundred Collins, a 19-unit luxury condominium in the South-of-Fifth neighborhood. The project recently topped off and construction is expected to be completed this year.