A pair of Argentinian investors are launching their second townhome project in Miami Beach.
The Miami Beach Design Review Board on Tuesday approved the proposed development at 7637 Carlyle Avenue, along with the demolition of a three-bedroom house completed in 1939 that is on the site. An entity managed by Hector Ricardo Andrelo and Stella Andrelo in Bueno Aires is proposing to redevelop the property into a four-story modern building with seven two-bedroom units, according to plans submitted to the city.
Designed by Doral-based architect Gustavo Ramos, the project is adjacent to a three-story townhome building with six two-bedroom units the Andrelos are currently developing at 7645 Carlyle Avenue. Both are in the North Beach neighborhood of Miami Beach.
“They started the project next door two years ago and are finishing it now,” Ramos said. “Both developments are their first two South Florida projects.”
The Andrelos acquired the 7645 Carlyle Avenue property for $660,000 in 2017 and subsequently demolished a previous single-family home on the site, records show. In 2020, they paid $450,000 for the 7637 Carlyle Avenue property.
The recently approved project will have units with about 1,200 square feet and private rooftop terraces, said Ramos, who also designed the Andrelos’ first project. The buildings will share a parking entrance on 77th Street. “The owners haven’t decided if they will do rentals or put the units up for sale,” Ramos said.
The Andrelos’ townhome projects are near a proposed condominium with co-living units being developed by New York-based Northlink Capital. In July, the design review board approved Northlink’s proposal to build the project on the former site of a Denny’s restaurant at 7140 Collins Avenue.
Out-of-state investors are also scooping up existing low-rise apartment complexes in North Beach and neighboring Normandy Isle. In April, Mangum Holding Company, a U.S. subsidiary of Montreal-based family-owned real investment firm Trams Property Management, acquired the Pierre on the Bay multifamily property at 2050 Bay Drive. Mangum paid $15.2 million for the 70-unit apartment community.