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Related Group and partners in contract to buy Fisher Island dev site for luxury condo project

Waterfront property can be developed into 10-story, 57-unit project

Clockwise from top left: Nick Perez, Jorge Perez, Jon Paul Perez, Heinrich Von Hanau and Teddy Sagi (Getty, Related, BH)
Clockwise from top left: Nick Perez, Jorge Perez, Jon Paul Perez, Heinrich Von Hanau and Teddy Sagi (Getty, Related, BH)

A partnership led by Miami’s condo king Jorge Pérez and billionaire Teddy Sagi is diving into Fisher Island, home to one of the most expensive ZIP codes in the country.

Pérez’s Miami-based Related Group, Sagi’s Globe Invest and BH Group are in contract to buy the last condo development site on Fisher Island, an exclusive island that is only accessible by boat or helicopter, The Real Deal has learned. A company led by Fisher Island developer Heinrich Von Hanau is selling parcel 7, at 6 Fisher Island Drive, to the partnership, records show.

It marks the third purchase for Related, Sagi and BH Group in recent weeks. Related declined to disclose the sale price.

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A 10-story building with 57 condos can be developed on the 6.5-acre Miami Beach property. A Miami-Dade County judge recently blocked a legal maneuver that was intended to stop Von Hanau’s Fisher Island Holdings from building the condo building and approved a settlement agreement that allows the site and one other property to be developed.

Von Hanau’s Fisher Island developments include Palazzo Del Sol, Palazzo Della Luna and Palazzo Del Mare. New luxury condo sales on the island have surged over the past year, along with the rest of ultra-luxury South Florida real estate.

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The Related venture plans to build an ultra-luxury condo on the property. The deal does not appear to include the second site owned by Von Hanau at 68 Fisher Island Drive, where 12 single-family homes can be built.

The two properties are the last developable sites on the island.

The condo site marks Related’s first project on Fisher Island, but the development firm, led by Pérez and his sons Jon Paul and Nick Pérez, also has plans for a project on nearby Terminal Island. In February, the Miami Beach Design Review Board approved Related’s plans for its One Island Park mixed-use office project. The Arquitectonica-designed development is expected to consist of two, five-story, 75-foot-tall Class A office buildings with a garage, restaurants and a bay walk. Related had considered building condos on the site as well.

Related, Sagi and BH Group also recently picked up development sites in West Palm Beach and North Miami. In a statement, Sagi said there is “plenty of runway in this market” and that the group is only eyeing “the most marquee locations in Miami.”

In West Palm, they are investing in developer Michael Masanoff’s Transit Village, a $500 million, 10-acre project.

Sagi, founder of the Cyprus-based gambling software developer Playtech, owns a portfolio of real estate in London through LabTech Investments, including the Camden Market in London. Forbes pegs his net worth at about $5.6 billion. Globe Invest is his family office.

Tags
Condo MarketFisher IslandMiami BeachRelated Group