Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
Project calls for about 250 rental units, commercial space
Arch Companies and Infinity Real Estate are partnering to build a mixed-use multifamily project in Miami’s Edgewater, across the street from their 2500 Biscayne tower.
The two New York firms plan to develop the more than 1-acre assemblage at 2501 Biscayne Boulevard, most recently home to Latin Cafe 2000.
The property sold for $13 million in 2017 to an entity affiliated with Arch Companies, led by founders Jeffrey Simpson and Jared Chassen. Infinity, led by partner David Berg, recently formed a joint venture with Arch to build the project.
Infinity and Arch plan a 250-unit development in a 20-plus-story building, though zoning allows for 36 stories, Simpson, Chassen and Berg said. Food and beverage concepts will also be part of the project initially, and long term. Mimi’s Cafe, a pop-up created by Arch and Michael Kaplan’s New Wave Hospitality group, will open during the planning phase of the project.
The developers declined to disclose the joint venture purchase price. They’re in the design stage and plan to break ground on the project toward the end of 2022.
They said they’re piggybacking on growing demand in South Florida for housing, office and hospitality space.
About three years ago, Greystone Development sold its stake in 2500 Biscayne, a 19-story apartment tower that was renamed Wynwood Bay. The remaining owners, including Infinity Real Estate, refinanced the property.
Edgewater has attracted major condo and multifamily developers in recent years, including the Related Group, OKO Group, Two Roads Development, and apartment giant Aimco.
Black Lion recently paid $12.1 million for the Amara at Paraiso restaurant building, at 3101 Northeast Seventh Avenue, in Related Group’s bayfront Paraiso condo complex.
TPG Real Estate Partners recently paid $61 million for two hotels in Edgewater, at 3400 Biscayne Boulevard and at 3450 Biscayne Boulevard.
Aimco, a publicly traded real estate investment trust, which paid nearly $90 million for the Hamilton on the Bay in Edgewater, is renovating the building and is said to be assembling land for a larger project. Tenants recently had their leases terminated and are organizing against the company.