The Real Deal Miami

Bizzi & Partners pays $10.27M for site on Northeast 163 Street in North Miami Beach

February 24, 2019 03:00PM

2101 NE 163 Street, North Miami Beach (Credit: City Feet)

New York-based Bizzi & Partners Development bought a 1.1-acre site in North Miami Beach for $10.27 million.

An affiliate of Bizzi & Partners, 2101 Aventura Property Owner LLC, acquired a storage building at 2101 Northeast 163 Street and an adjacent vacant lot.

The seller was 2101 NE 163 LLC, which is managed by Matias Larsen in Miami.

Bizzi & Partners also got an $8.5 million mortgage loan from Alcova Capital Management in connection with the property purchase.

The property last sold in 2016 for $4.9 million, less than half the price Bizzi & Partners paid.

The city government of North Miami Beach has rezoned Northeast 163 Street to allow taller and denser real estate developments.

Bizzi & Partners also is one of the developers of a Miami Beach condominium development called Eighty Seven Park. [South Florida Business Journal]Mike Seemuth