ASRR’s Asian partners want out at Miami Arts & Entertainment District site

Property is valued at $51M after $33M purchase

TRD MIAMI /
Jul.July 10, 2017 03:00 PM

One month after ASRR Capital announced plans to build a massive 1.7 million-square-foot complex on a block-long swath of land in Miami’s Arts & Entertainment District, its Asian partners want out, The Real Deal has learned.

ASRR’s partners, Chinese construction company CNMB International and the Hong Kong-based G-Resources, are looking to sell the site or their stake in it, according to documents filed on the Tel Aviv Stock Exchange. 

The three partners closed on the eight-parcel assemblage at 18th Street and Northeast Second Avenue in June for $33 million, splitting the investment evenly between them. The property was then appraised in preparation for the second-quarter reports, and valued at $51 million as of June 30, according to documents filed with the Tel Aviv Stock Exchange, though the appraisal has not yet been finalized. 

CNMB and G-Resources are now looking to sell the property, or their stake in it, at the appraised value. ASRR stated in the TASE report that it will consider buying its partners out.

ASRR, a publicly traded company in Israel, was jointly led by Alex Sapir and Rotem Rosen until last month, when Sapir bought out Rosen’s share for $70 million. 

Plans for the site include two towers, one rising 60 stories and a second rising 40 stories, with up to 1,200 rental units, plus retail and office components. 

ASRR declined to comment. CNBM International was not immediately available for comment.


Related Articles

arrow_forward_ios
Remy Jacobson, Jean-Marc Jacobson, 4141 North Miami Avenue (Credit: Google Maps and REALTOKEN)

Remy Jacobson allegedly in default on Design District loan: lawsuit

Remy Jacobson allegedly in default on Design District loan: lawsuit
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Alex Sapir, Arte in Surfside

Alex Sapir gets lender approval to rent out units at Surfside condo project

Alex Sapir gets lender approval to rent out units at Surfside condo project
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)

Developer of Aman-branded towers in Miami Beach scores $35M loan

Developer of Aman-branded towers in Miami Beach scores $35M loan
Alex Sapir, Amir Richulsky, Gerard Guez and a rendering of Arte by Antonio Citterio

Alex Sapir’s business partner gets extension for Surfside condo, company names new CEO

Alex Sapir’s business partner gets extension for Surfside condo, company names new CEO
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Clockwise from top left: 3995 North Miami Ave., 5 Northeast 39th St., 1 Northeast 40th St. through 35 Northeast 40th St. (Credit: Google Maps, iStock)

Lender lists troubled RedSky’s Miami Design District portfolio

Lender lists troubled RedSky’s Miami Design District portfolio
Renderings of Miami Plaza and Carlos and Martin Melo

Melo Group launches preleasing for latest A&E rental tower

Melo Group launches preleasing for latest A&E rental tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...