Avra Jain teams with Bob Zangrillo on $200M mixed-use project on Miami River

New York City architect Carlos Zapata is designing the project, which will include 140K sf of office space

TRD MIAMI /
Jun.June 03, 2019 11:41 AM
Rendering of the project, Avra Jain and Bob Zangrillo

Rendering of the project, Avra Jain and Bob Zangrillo

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

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

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.


Related Articles

arrow_forward_ios
Jay Sakalo and Jaime Sturgis

South Florida commercial real estate closings face delays and cancellations due to coronavirus economic meltdown

From left: Eden Roc and BLT Prime Trump National Doral (Credit: Acroterion/Wikipedia, and Trump International Hotels Management LLC)

Trump National Doral restaurant, Eden Roc hotel lay off hundreds

From left: Miami Beach Mayor Dan Gelber, and Miami-Dade Mayor Carlos Gimenez (Credit: Twitter, Ryan Holloway/ Armando Rodriguez Miami-Dade County Photographers, and iStock)

All hotels, short-term rentals in Miami-Dade ordered to shut down due to coronavirus

Clockwise from left: the Acqualina, the Biltmore and the Diplomat (Credit: Google Maps)

Diplomat, Acqualina, Biltmore hotels closing amid coronavirus

A photo illustration of Key West (Credit: iStock)

All hotels and short-term rentals to shut down in Florida Keys

South Beach Miami (Credit: iStock)

Miami hotels prepare for layoffs and other budget cuts as occupancy plummets

The Breakers in Palm Beach

The Breakers in Palm Beach is closing amid coronavirus pandemic

Howard Wurzak’s development firm is suing over delays and defects at the double branded Dalmar and Element hotel

Fort Lauderdale hotel developer sues Tutor Perini, seeking nearly $12M for alleged delays, defects

arrow_forward_ios
Loading...