Chicago firm plans apartments, commercial complex on Edgewater OZ site

Trilogy plans 20-story rental tower on the site

Miami /
Dec.December 29, 2021 05:30 PM
Chicago firm plans apartments, commercial complex on Edgewater OZ site

2634 Northeast Second Avenue, and 192 and 186 Northeast 27th Street in Miami with Trilogy Real Estate Group’s Neil Gehani and Chief Investment Officer Jesse Karasik (Google Maps)

A Chicago-based real estate firm made its first venture in Miami in a bet on the Magic City’s thriving apartment market and tech industry.

Trilogy Real Estate Group plans to build a 20-story rental tower on a site it purchased in December in the Edgewater neighborhood, and it also just bought an adjacent 0.6-acre property with plans to convert it into a commercial complex. The properties are in an Opportunity Zone.

The company paid $9.8 million for the three lots at 2634 Northeast Second Avenue, and 192 and 186 Northeast 27th Street, said Jesse Karasik, of Trilogy.

The seller of these properties, Y & K Enterprises, is led by Young Koo Kim and Kyong Kim, records show.

The sites are home to a two-story, seven-unit apartment building constructed in 1939, and a small retail property, according to property records. One of the lots is vacant.

Alex Tsoulfas and Jamie Maniscalco of Apex Capital Realty represented the buyer.

The purchase came on the heels of Trilogy scooping up the miniature soccer fields directly to the north of the recently acquired site for $12.5 million in December.

The plan is to build the apartment high-rise on the soccer fields at 169 Northeast 27th Street and 2728 Northeast Second Avenue, Karasik said. Zoning allows 20 stories and more than 190 units.

As for the property that was just purchased, Trilogy envisions either offices or retail, or a mix of the two. This plan is a bet on the growth of Miami’s technology industry, as Trilogy is in talks with a startups incubator, although no agreement has been hammered out, Karasik said.

Trilogy, led by Neil Gehani, develops, manages and buys apartment communities and commercial real estate throughout the U.S., according to its website. It has an investment in South Florida, which Karasik declined to disclose, but this is its first venture in the city of Miami.

“Miami has always been a leisure and hospitality market and has been very good at that, but what has been so interesting is to see the additional diversification of new talent coming in,” Karasik said, referencing the tech industry growth.

In one of the biggest tech leases this year, Microsoft took roughly 50,000 square feet at the 830 Brickell office tower under construction at the Brickell Financial District.

As for the multifamily market, Miami rents jumped 38 percent in 2021, marking the biggest increase nationwide, according to a December report from Zumper.

The apartment demand, largely fueled by South Florida newcomers, has prompted developers to build more units.

Mast Capital paid $103 million in December for a development site in Brickell, with plans for one condo high-rise and two apartment towers.





    Related Articles

    arrow_forward_ios
    David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Innovation District (DB Lewis Architect-Thresholds Intl, iStock)
    Russian tycoon’s Motorsport firm proposes offices at Magic City Innovation District
    Russian tycoon’s Motorsport firm proposes offices at Magic City Innovation District
    The shopping center at 12495 Southwest 88th Street (Frontier Companies)
    Frontier pays $18M for Best Buy-anchored shopping center in Kendall
    Frontier pays $18M for Best Buy-anchored shopping center in Kendall
    Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Michele and Kevin Segalla and Ilya Karpov with 320 Hibiscus Drive (LinkedIn, Craig Denis) Miami, Mansions
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Michael Krymchantowski and a rendering of the Krymwood Hotel at 176 Northwest 28th Street (MKDA, Krymwood, iStock)
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Lennar’s Stuart Miller (Lennar, iStock)
    Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate
    Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...