UPDATED June 12, 4:30 p.m.: ASRR Capital and two Asian investors are planning a 1.7 million-square-foot residential, retail, and office complex at the Miami Arts & Entertainment District site they put under contract last year, according to documents filed with the Tel Aviv Stock Exchange.
Plans for the block-long site at 18th Street and Northeast Second Avenue include two towers, one rising 60 stories and a second rising 40 stories, with up to 1,200 rental units, 20,000 square feet of retail space, and 350,000 square feet of office space.
The partners closed on the $33 million purchase of the eight-parcel assemblage earlier this month. ASRR, a publicly-traded company in Israel led by Alex Sapir and Rotem Rosen, went into contract for the property in February 2016. In May 2016, ASRR was joined by two partners: the Chinese construction company CNMB International, and a Hong Kong-based public investment group, G-Resources.
“This is a huge deal,” Rosen told The Real Deal. It marks CNBM’s first real estate project in the United States, and the Chinese company’s involvement “is a tremendous testament to what’s happening in Miami,” Rosen said.
Estrella Perez of EP Realty in Coral Gables represented the seller, and Pascal Levy of Besen & Associates in New York represented the buyers.
The three partners have invested a total of $36 million in the property, with an additional $3 million on top of the purchase price going towards the development of the project, according to documents filed with the Tel Aviv Stock Exchange. Each partner will contribute $12 million for a one-third stake in the property.
The site encompasses the full block between 17th Terrace and 18th Street, and between Northeast Second Avenue and Northeast Second Court, excluding the “Real Padel Miami” courts along 17th Terrace. The combined lots span 60,000 square feet, and includes 1.4 million square feet of development rights.
This will be ASRR’s largest project in South Florida. The firm made its first investment in 2015, when it teamed up with the Istanbul-based Suzer Group to buy a $40 million Surfside site. In March, ASRR bought out Suzer for $30 million and secured a $90 million construction loan to build luxury condos, to be called Arte by Antonio Citterio, on the site.
ASRR, which trades on the Tel Aviv Stock Exchange, also has major holdings in New York.