Blutrich plans 52-story apartment tower in Downtown Miami 

Israeli-Canadian real estate investor Gil Blutrich wants to build a 52-story apartment tower in downtown Miami, marking his first South Florida development. 

Blutrich Holdings, a Toronto-based family office founded by Blutrich, plans a 545-unit building on a 0.6-acre parking lot at 130 Southeast First Street, according to a news release from the firm that arranged financing for the project. Blutrich Holdings scored a $12 million bridge loan to refinance an existing mortgage and cover predevelopment costs. 

Justin Neelis and Keegan Burger of Concord Summit Capital arranged the financing. They 

declined to disclose the lender, only saying it’s local. 

Blutrich Holdings, through an affiliate, bought the site for $18 million in 2021, records show. At the time, the firm also took out a $10 million loan from Pacific National Bank. 

Blutrich Holdings is expected to partner with a development firm on the project, sources told The Real Deal. 

City of Miami planning officials are reviewing the proposed project, which will be called Clear Residences. Kobi Karp is the architect. 

If approved, construction would start in the fourth quarter of next year. Completion is expected to take three years. 

Blutrich is the founder of Tel Aviv-based publicly traded Mishorim Development, which also has a foothold in downtown Miami. In 2018, the firm paid $18.5 million for the 756-space garage at 255 Northeast First Street near the SunTrust International Center office tower. 

Mishorim and its local partner Shai Ben-Ami also bought the ground-floor retail condo at the Centro condominium at 151 Southeast First Street for $2.7 million in 2016. 

Ben-Ami now is listed as part of Blutrich Holdings. Founded in 2005, the family office owns development sites throughout the U.S. and Canada, according to the release. 

Clear Residences would be one of a handful of residential towers on tap in downtown Miami, though many of the other projects are condominiums. 

Property Markets Group and  E11even Partners, led by Marc Roberts, Michael Simkins and Dennis DeGori, plan a pair of E11even-branded condo towers in downtown. The first is the 449-unit E11even Hotel & Residences Miami  at 20 Northeast 11th Street, and the second is the 461-unit condo building at 90 Northeast 11th Street. 

Also, G and G Business Development, owned by the Coto family of Argentina, is developing the 50-story, nearly 400-unit Aston Martin-branded condo tower at 300 Biscayne Boulevard Way. 

PMG and its partners, Greybrook, Mohari Hospitality, S2 Development and Hilton, are developing the Waldorf Astoria Hotel & Residences supertall at 300 Biscayne Boulevard with  205 hotel keys and 360 condos.