The Pérez family’s Related Group, BH Group and Israeli billionaire Teddy Sagi are looking to sell a waterfront condo development site in North Miami, The Real Deal has learned.
The partners paid $11 million for the former White House Inn on the Bay nearly two years ago, with plans to develop a luxury condo project on the site at 2305 Northeast 123rd Street. The partners could be seeking more than $25 million for the 1.1-acre property, according to sources.
The property is on the market with a Berkadia team that includes Jaret Turkell and Omar Morales, according to the offering memorandum obtained by TRD. Morales declined to comment.
Related and BH, alongside Sagi, an investor on some deals, remain active on other shared projects. But developers across South Florida have been pulling back and extending their project timelines as the cost of financing, construction, insurance, labor and supplies remains high.
Related, led by billionaire Jorge Pérez and his sons, Jon Paul and Nick, partnered with Sagi’s LabTech Investments Limited and Isaac and Liat Toledano’s BH Group to purchase the site in November 2021. The group planned to build an $85 million condo development.
Related and BH did not immediately respond to requests for comment.
The North Miami site comes with approved plans for a 53-unit luxury condo called Sky Villas at Bay Harbor, designed by Bernardo Fort Brescia’s Arquitectonica. The units would average about 3,400 square feet each, and the 10-story building would include a rooftop pool, baywalk, spa and other amenities.
Current zoning allows for 113 units, according to the offering memorandum. The property has more than 500 feet of water frontage. It’s just off of the Broad Causeway, which connects the mainland to Bay Harbor Islands and Surfside/Bal Harbour.
The long-shuttered White House Inn was previously owned by investor and car dealer Mario Murgado, whose firm secured approval in 2018 for a boutique condo building that was never built. The two-story hotel, with about 50 rooms, was built in 1969. It’s been closed for almost 10 years.
When Related and its partners purchased the property, Jorge Pérez said the bayfront site had been “underutilized for far too long” and that they planned to give North Miami “the entrance it deserves.”
About the same time they acquired the White House Inn, Related, BH and Sagi also partnered in developer Michael Masanoff’s Transit Village, a $500 million, 10-acre project in West Palm Beach. The development, on the western side of downtown West Palm Beach, has been planned for more than 20 years.
They’re also partnering on an ultra-luxury condo development on Fisher Island, called Six Fisher Island.
More recently, Related and BH filed an application this month with the city of Plantation to convert a former AT&T office building into a sprawling multifamily complex with retail, called Plantation City Center. The project would consist of nine buildings with nearly 500 apartments, 17,000 square feet of retail and nearly 1,000 parking spaces.
In Hollywood, Related and BH are proposing a 42-story Hilton-branded hotel and a 38-story condominium on two development sites adjacent to the oceanfront Diplomat Beach Resort.
Last month, Related and BH secured a 99-year-ground lease with the Riviera Beach Community Redevelopment Agency to develop a mixed-use project in city-owned Marina Village. The partnership is proposing two 20-story buildings with 424 apartments and 8,000 square feet of retail.
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