Developers pick up historic church, dev site in Miami’s Edgewater for $20M

Developers plan mixed-use project with 40-story, 364-unit apartment building

Miami /
Jan.January 04, 2022 06:00 PM
1836 Biscayne Boulevard and Ben Joseph of Skylight (1836 Biscayne Boulevard, Skylight)

1836 Biscayne Boulevard and Ben Joseph of Skylight (1836 Biscayne Boulevard, Skylight)

Fifteen Group sold a historic church on Biscayne Boulevard in Miami’s Edgewater for $20 million to a trio of developers that plan a mixed-use project on the site, The Real Deal has learned.

Skylight Real Estate Partners and Panther Capital Management formed a joint venture partnership with Arden Group to buy the nearly 1-acre property at 1836 Biscayne Boulevard and 256 Northeast 19th Street, near the Arts & Entertainment District.

An aerial of 1836 Biscayne Boulevard

The corner property is in an Opportunity Zone, which allows the developers to defer or even eliminate paying capital gains taxes if they keep the investment for more than a decade. Arden Group, a Philadelphia-based firm, has Opportunity Zone developments in New York City, Jersey City, Philadelphia, Nashville, Las Vegas and Salt Lake City. The company recently raised $166.5 million for its Arden Qualified Opportunity Zone Fund, according to Institutional Real Estate.

The developers plan to build a 40-story, 364-unit luxury apartment building on the site. The church structure, built in 1926, will be restored and converted into more than 15,000 square feet of retail and/or office space. It was originally designed by architect August Geiger and was home to the First Church of Christ, Scientist.

Benjamin Joseph, founding partner at Skylight Real Estate Partners, said the property came with approvals, which the developers estimate could save them up to a year.

The apartment tower will include a mix of studios, one-, two- and three-bedroom apartments, with about 16,000 square feet of amenities on the 11th floor and the rooftop. Once construction begins in the fourth quarter of 2022, it will be a 24 to 27-month construction schedule.

A Berkadia team led by Jaret Turkell and Roberto Pesant represented Fifteen Group in the deal. Walker & Dunlop’s Keith Kurland arranged the financing. The property was on the market unpriced, Turkell said. He said the planned renovation of the church, with tall, detailed ceilings, “is going to be amazing.”

Fifteen Group paid $14.3 million for the property in late 2014.

Edgewater, which is north of downtown Miami, has experienced a huge boom in development.

Chicago-based Trilogy Real Estate Group closed on an assemblage in the neighborhood for nearly $10 million, where it plans to build a mixed-use project with an apartment tower. That property is also in an Opportunity Zone.

In a larger deal, PTM Partners, an Opportunity Zone developer, joined Kushner Companies in its three-tower planned development at 2000 Biscayne Boulevard, where the developers will deliver a 1,300-unit, phased project.





    Related Articles

    arrow_forward_ios
    Charles Kushner, Nicole Kushner Meyer and Laurent Morali with a rendering 1900 and 2000 Biscayne (Kushner Companies)
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    From left: Joel Rodriguez (seller) and buyers Michael Konig, Louis Birdman, Kevin Venger and Alex Posth (729 Edge Miami, One Thousand Museum, Impact Wealth)
    Developers of One Thousand Museum look-alike close on portion of Edgewater site
    Developers of One Thousand Museum look-alike close on portion of Edgewater site
    A photo illustration of 3600 Biscayne Boulevard in Miami (LoopNet, iStock)
    Denny’s sells Edgewater restaurant dev site in Miami for $24M
    Denny’s sells Edgewater restaurant dev site in Miami for $24M
    Chicago firm plans apartments, commercial complex on Edgewater OZ site
    Chicago firm plans apartments, commercial complex on Edgewater OZ site
    Chicago firm plans apartments, commercial complex on Edgewater OZ site
    Stephen Bittel with Mark and Ian Sanders of Fifteen Group and the building at 801 Arthur Godfrey Road (Fifteen Group, Terranova)
    Terranova sells longtime Miami Beach HQ for $22M
    Terranova sells longtime Miami Beach HQ for $22M
    Nicolas Weinstein, President of Respark Residential and Alta Developers CEO Raimundo Onetto (Berkadia, LinkedIn via Onetto, Respark)
    Respark Residential acquires Wynwood Bay apartment building for $67M
    Respark Residential acquires Wynwood Bay apartment building for $67M
    New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M
    New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M
    New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M
    Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
    Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
    Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
    arrow_forward_ios

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

    Loading...