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Jorge Perez’s Related, partners can move ahead on North Miami condo project
City approved redevelopment of waterfront White House Inn property
Related Group’s Jorge Perez, BH Group’s Liat and Isaac Toledano, Teddy Sagi and a rendering of Icon Residences (Arquitectonica)
Related Group, Teddy Sagi and BH Group got the green light to redevelop a shuttered waterfront hotel in North Miami.
The North Miami City Council voted 5-0 on Tuesday to approve a site plan for Icon Residences, a proposed 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street, according to video of the meeting.
The 1-acre waterfront redevelopment site is the former White House Inn, a shuttered two-story hotel that was completed in 1969. In 2021, the partnership paid $11 million for the property, records show.
“You know what this property looks like, and the dilapidated condition it has been in for the last two decades,” Pedro Gassant, a lawyer for the joint venture, told council members. “We all know it needs to be redeveloped.”
Designed by Miami-based Arquitectonica, Icon Residences will feature units ranging in size from 2,546 square feet to 4,142 square feet, the site plan shows. As a condition of the site plan approval, the joint venture agreed to contribute nearly $1 million to the city for parks, workforce housing and improvements to a bridge in Keystone Point, a waterfront residential neighborhood.
Sagi is a billionaire who founded Cyprus-based gambling software developer Playtech and owns a portfolio of real estate in London, including Camden Market. He teamed up with Related, BH Group and Chicago-based Wanxiang America RE Group to buy the last condo development site on exclusive Fisher Island in Miami Beach last year.
The four partners paid $122.6 million for the 6.5-acre site at 6 Fisher Island Drive. The joint venture plans to build a 50-unit luxury condo project, with prices for typical units at about $30 million, and more than $60 million for penthouses.
Miami-based Related, led by Chairman Jorge Peréz, and Aventura-based BH Group, led by Liat and Isaac Toledano, are partners in a slate of other residential projects across South Florida. Last month, the joint venture paid $13 million for an empty office building in Plantation. Related and BH plan to redevelop the property into a mixed-use project with 400-plus apartments.
Related and BH are also planning Icon Aventura, a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail and a garage on a 4-acre development site in Aventura.