Carpe secures approval for North Miami Beach mixed-use apartment project

City commission will vote on the proposal in April

Miami /
Mar.March 16, 2022 12:30 PM

Renderings of Venus with Erik Rutter and David Weitz (ImageFiction)

Carpe Real Estate Partners secured approval from a North Miami Beach board for a 440-unit apartment tower, which will head to the commission next month for final approval.

The city’s planning and zoning board on Monday unanimously approved the site plan and variances for Venus, a 26-story, 660,000-square-foot project planned for the 1.1-acre site at 2050 Northeast 164th Street. The project will likely be heard at the commission meeting on April 19, the developers said.

David Weitz and Erik Rutter, managing partners of New York-based Carpe, said they hope to break ground in October and complete the building about two years after groundbreaking. Carpe owns the Spotify-anchored Oasis development in Wynwood and is co-developing Wynwood Plaza with L&L Holdings, which will have office and retail space and more than 500 rental apartments.

Carpe paid $4.3 million in December for the North Miami Beach property, a former AT&T parking lot.

The building will have more than 10,000 square feet of retail space, amenities that include a pool and gym, and about 500 parking spaces. Burgos Lanza is the architect and Kimley-Horn is the landscape architect.

“We’re super excited about the North Miami Beach submarket,” Rutter said, adding that the rentals will be geared toward people who live and work in North Miami, Bal Harbour, Aventura and even Fort Lauderdale. “There is a lot of demand for apartments there.”

Carpe, like a number of other developers and investors, is betting on long-term demand for multifamily. The firm, which has about 1,300 multifamily units in the pipeline, plans to build more than 7,000 apartments in South Florida in the next five years.

“Right now, we’re just ramping up,” Weitz said.

Developers and investors have been able to raise rents across South Florida, fueling investors’ appetite for the asset class. Last year, sales of multifamily projects in the tri-county region reached a record $11.4 billion, more than double the previous record of $5.5 billion in 2016.





    Related Articles

    arrow_forward_ios
    Renderings of Koosh Living (Kaller Architecture of Hollywood)
    Dania Beach approves 231-unit multifamily development with mostly studio apartments
    Dania Beach approves 231-unit multifamily development with mostly studio apartments
    The apartment building at 1770 Meridian Avenue, Miami Beach with Victory Investments Group CEO Anil Monga (Google Maps)
    Hotel Astor owner buys Miami Beach apartment building
    Hotel Astor owner buys Miami Beach apartment building
    Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    From left: David Huke, Alex Karakhanian, and Abraham Hidary with 1601 North Miami Avenue (LoopNet, Hidrock Properties, LNDMRK Development)
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    The Boardwalk Apartments at 460, 470 and 520 East McNab Road in Pompano Beach (Apartments.com, Google Maps)
    KVR Properties pays $26M for Pompano Beach apartment complex
    KVR Properties pays $26M for Pompano Beach apartment complex
    Moderno Development managing partner Doron Broman and a rendering of Rivr Lofts (Cube 3, Moderno Development)
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    arrow_forward_ios

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

    Loading...