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The Real Deal Miami

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

Property is valued at $51M after $33M purchase
By Chava Gourarie | July 10, 2017 03:00PM

Arts & Entertainment District site and Alex Sapir

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.