Uruguayan investor puts Miami River development site on the market

Entities managed by Enrique Manhard paid $10M for two parcels in 2018

The development site at 1670 and 1690 Northwest North River Drive, Miami (EP Realty Group)
The development site at 1670 and 1690 Northwest North River Drive, Miami (EP Realty Group)

Enrique Manhard is looking to cash out of a Miami River development site he acquired for $10.3 million four years ago.

The 2.38-acre site hit the market at an undisclosed price, according to brokers Estrella and Yaima Perez with EP Realty Group, who have the listing. The two parcels at 1670 and 1690 Northwest North River Drive in Miami can be redeveloped into a mixed-use project with multifamily, hotel, office and retail, Estrella Perez said in an email. The site’s current zoning allows for up to 150 units per acre.

According to sources familiar with the Miami River submarket, the development site is expected to sell for about $30 million.

Two entities managed by Manhard, a Uruguayan investor who’s recently cut huge deals with Kushner Companies for land in Miami’s Edgewater neighborhood, paid $6.4 million and $3.9 million for the Miami River properties in 2018, according to records.

Estrella Perez said the site is in an area of the Miami River with great development potential that is attracting institutional buyers. She noted the properties are near Mast Capital’s Waterline Miami River apartment complex. Mast recently obtained a $70.5 million loan to begin construction of the second 342-unit phase. Another neighboring project is the $425 million River Landing Shops and Residences, Perez said.

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In an email, Yaima Perez said Manhard decided that it is a great time to sell “since the market has very low inventory for prime development sites such as this location that’s riverfront.”

Last month, Manhard and his partners sold a 1.5-acre property in Edgewater to Kushner for $37.6 million. In a $20.5 million deal that closed last year, Kushner picked up an 0.75-acre site, also in Edgewater, from Manhard. Both deals were brokered by EP Realty Group.

Manhard’s group bought the two Edgewater properties in 2017 for $18.4 million. Atlas Capital Group, the seller at the time, had obtained approvals to build a 36-story building with 429 residential units, 13,000 square feet of retail space and a 620-space parking garage.

This past summer, Manhard and his partners paid $46 million for the “Burdines” site, a 2.2-acre commercial block in downtown Miami.