Fresh off purchasing a mixed-use development site in Aventura, BH Group is setting its sights on building a 30-story apartment tower in North Miami Beach.
The Miami-based company wants to develop the 400-unit project at 2261 Northeast 164th Street. It scooped up the 2-acre property for $11 million, BH Group confirmed to The Real Deal.
The selling entity ties to Bruno Bloch of watch manufacturer Mulco Watches, which is based near Aventura, according to property and state corporate records. The entity had paid $8.3 million in 2016 for the 35,000-square-foot warehouse that’s on the site. The industrial building will be demolished.
This would be the latest in a string of real estate endeavors by BH. In the Aventura purchase, it partnered last month with Jorge Pérez and Jon Paul Pérez’s Related Group to purchase the property at 2999 Northeast 191th Street for $51 million. They plan to develop offices, luxury residences and retail with restaurants on the parking lot of the 4.5-acre site, while preserving and renovating the existing Aventura View office building.
BH has frequently partnered with Coconut Grove-based Related in ventures that also include billionaire Teddy Sagi. BH and Related, in partnership with Sagi’s LabTech Investments Limited, wants to build a luxury condo on the bayfront site of the closed White House Inn at 2305 Northeast 123rd Street in North Miami.
As of late last year, BH, Related and Sagi, through his Globe Invest, also planned to invest in the long-planned Transit Village project in West Palm Beach. They announced in November that they were joining developer Michael Masanoff’s $500 million project at 150 South Clearwater Drive and 203 South Tamarind Avenue.
On exclusive Fisher Island, the trio also went into contract late last year for the last condominium development site available on the island. Property records do not show if the purchase for the property at 6 Fisher Island Drive has closed. The trade may have been made through a purchase of the interest in the selling entity.
BH, which focuses on luxury residential development, has declined to provide the names of its principals.
Developers have zeroed in on North Miami Beach in recent months. The Estate Companies wants to embark on its second apartment building in the city, a 28-story, 363-unit tower at 16375 Biscayne Boulevard.
In March, AHS Residential paid $57 million for the development site on the southeast corner of Northeast 159th Street and West Dixie Highway in North Miami Beach. The property is approved for the 2.5 million-square-foot New North Town Center “micro-city” project with over 1,600 residential units; 175,000 square feet of retail; offices, a hotel and a school. It’s unclear if AHS will follow or tweak these development entitlements.
Fortune International Group and Blue Road plan the 16-story Nexo Residences condominium at 13899 Biscayne Boulevard in North Miami Beach, launching sales in April. The project will allow owners to rent out their units on a short-term basis.