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
    rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
    Forest Development, Royal Palm nab $269M condo construction loan
    Forest Development, Royal Palm nab $269M condo construction loan
    From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
    Oak Row Equities plans 400-unit apartment, office tower in Edgewater
    Oak Row Equities plans 400-unit apartment, office tower in Edgewater
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures)
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    US HUD Secretary Marcia Fudge (Getty, iStock)
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    The Park at Sheffield apartment complex at 15601 Southwest 137th Avenue in southern Miami-Dade County (Google Maps, The Park at Sheffield)
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Lee Associates' Matthew Jacocks along with a rendering of the 441 Arthouse project (Lee Associates, iStock)
    Developers plan Lauderhill mixed-use, multifamily development with 245 units
    Developers plan Lauderhill mixed-use, multifamily development with 245 units
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    arrow_forward_ios

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

    Loading...