ASRR Capital teams up with Israeli partners to buy Surfside site for $8.8M

The partners plan to build an 86,000 sf residential building with 30 units and 52 parking spaces

Jun.June 06, 2017 01:00 PM

The site at 8800 Collins Avenue with Tzachi Hagag on left, and Alex Sapir

ASRR Capital Ltd., the publicly-traded Israeli company led by New York real estate moguls Alex Sapir and Rotem Rosen, is paying $8.8 million for a development site in Surfside in a joint venture with partners, The Real Deal has learned.

ASRR Capital and its partners, Tzachi Hagag and Eyal Ben-Yosef, are buying the 28,369-square-foot lot at 8800 Collins Avenue, according to an announcement on the Tel Aviv Stock Exchange. ASRR is taking a 35 percent stake. Hagag, who is CEO of the publicly-traded Hagag Group, one of the largest development firms in Israel, will also have a 35 percent stake, and Ben-Yosef, who is partnering with ASRR on another Surfside project, will have a 30 percent stake, according to the announcement.

The partners plan to build an 86,000-square-foot residential building with 30 condo units and 52 parking spaces, at an expected cost of $30 million, according to the announcement. The site, which runs from Collins Avenue to Harding Avenue, is close to Surfside’s Veterans Park and Tennis Center and across the street from Terra Group’s planned oceanfront condo development Eighty Seven Park.

The seller is 8809 Harding Development LLC, property records show. Developers Leonardo Ambard and Salvador Di Lodovico had previously planned a luxury condo project on the site, to be called 88 Hundred Collins. They had launched sales for the 28-unit project in October 2016.

For ASRR Capital, the project will marks its second in Surfside. The company made its first foray into South Florida in 2015 when it paid $40 million for an oceanfront building (that has since been torn down) on a Surfside site at 8955 Collins Avenue. ASRR is partnering with Turkish businesswoman Ozlem Onal to develop a 12-story, 16-unit luxury condo tower on the property, be called ARTE by Antonio Citterio. It will mark the prominent architect Citterio’s first project in the United States.

A joint venture between Miami-based John Moriarty & Associates and the French construction firm Bouygue Group will build the project for ASRR Capital and Onal, whose family owns the Turkish luxury hotel chain Dedeman Hotels & Resorts, which operates 16 hotels in Turkey, Russia and Kazakhstan. In March, the partners closed on a $90 million construction loan.

“Surfside has become the Riviera of Miami, where all the high-end brands are,” Rosen told TRD. Other recently completed luxury projects in Surfside include the recently completed Fendi Château Residences and the Four Seasons Residences at the Surf Club.

ASRR Capital also just closed on its $33 million purchase of land in Miami’s Arts & Entertainment district, on Second Avenue between 17th and 18th streets, together with Chinese construction company CNBM International, based in Beijing, and G-Resources Group, a Hong Kong-based publicly traded company. The partners plan to develop a 1.7 million-square-foot mixed-use residential, retail, and office complex, with two towers of 60 stories and 40 stories, with up to 1,200 rental units, 20,000 square feet of retail space, and 350,000 square feet of office space.

Chava Gourarie contributed reporting.

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