Developer picks up Edgewater property for $14M

Zoning allows for at least 36 stories

Rena Kliot, Mitash Kripalani and 2927 Northeast Fourth Avenue
Rena Kliot, Mitash Kripalani and 2927 Northeast Fourth Avenue

UPDATED, May 20, 6:16 p.m.: A large development site in Edgewater near the Related Group’s Paraiso development just sold for $13.65 million, The Real Deal has learned.

Edgewater 29 LLC, tied to DLC Capital Management, a family office in Miami, bought the property at 2927 Northeast Fourth Avenue. Property records show the seller is AR Edgewater Investments, which is controlled by Juan Agudelo Restrepo.

The zoning allows for at least 36 stories, records show.

The property was listed by Mitash Kripalani of Colliers International South Florida. The buyer was represented by Rena Kliot, the owner of Pulse International Realty.

It sold for $248 per square foot, which Kliot said is “substantially lower than comparables in the neighborhood.”

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Jamie Mandel, president and general counsel at DLC Capital Management, and Brian Gallagher of Lower Gwynedd, Pennsylvania, control the buying entity, according to state records. 3350 Biscayne LLC, also controlled by Mandel, bought six parcels nearby on Biscayne Boulevard and 34th Street in September for $11.5 million.

A number of large condo and apartment projects nearby are currently under development in Edgewater.

Two Roads Development is building its 57-story, 100-unit Elysee condo project at 788 Northeast 23rd Street. At 777 Northeast 26th Terrace, Russian billionaire Vladislav Doronin’s OKO Group is building the 57-story Missoni Baia condo tower.

Last year, Related completed the bayfront Paraiso District, a group of four condo towers on Northeast 31st Street.

Correction: An earlier version of this story misidentified the buyer as a retail developer.