Developer Avra Jain and her partners, who include Bob Zangrillo, are planning a $200 million mixed-use project with a Sixty Hotel along the Miami River.
About two years ago, a partnership led by Jain and Zangrillo paid $5 million for partial ownership of the 2.3-acre property at 555 Northwest South River Drive. Zerby Interests, a developer out of Oklahoma City, is the majority owner. Jain’s partners include Joe Del Vecchio, she said.
Zangrillo stepped away from the $1 billion Magic City development in Little Haiti after he was among the parents indicted in the Varsity Blues college admissions scandal earlier this year.
Rendering of the project
Sixty Hotels, a luxury hotel brand with properties in New York City and Los Angeles, will operate the 175-key hotel. It will mark the only South Florida hotel for Sixty, a hotel group owned by brothers Jason, Michael and Lawrence Pomerance. It previously operated the Nautilus hotel in Miami Beach.
The 12-story Miami River development, designed by architect Carlos Zapata, will also include 39 Sixty Hotels-branded condos that owners will be able to have in a rental program. The condos, averaging 1,150 square feet, with be in the $1 million to $1.5 million range, said Jain, who is owner of the Vagabond Group. Zapata, a New York City-based architect, designed Concourse J at Miami International Airport. His international portfolio includes the Bitexco Financial Tower in Vietnam’s Ho Chi Minh City and the JW Marriott Hotel in the Convention Center Campus of Hanoi.
The Miami project will also have about 140,000 square feet of creative Class A office space for tenants that could include family offices, tech firms and other companies that are considering alternatives to submarkets like downtown Miami, Brickell and Miami Beach, according to Jain.
Rendering of the project
The developers submitted plans to the city’s planning and zoning department for review and will go before the Miami River Commission this week. The Next Miami first reported plans for the project. The entire project, including land costs, entitlements and financing, will be valued at about $200 million, Jain said.
If approved as planned, it will connect the parking garage to the office buildings. The property also includes 585 feet of riverfront, most of which will be part of the Miami Riverwalk.
Other projects along the river include Mast Capital and AEW Capital Management’s Miami River Walk rental development, which recently scored a $60 million construction loan, KAR Properties’ planned One River Point luxury condo tower, and River Landing Shops & Residences.