Billionaire Teddy Sagi is backing three South Florida real estate developments to the tune of tens of millions of dollars. But he is not the guy to ask for project details.
“I am only the investor. I am not the decision maker,” Sagi said Thursday during his Fireside Chat at The Real Deal South Florida Showcase and Forum.
Sagi, who has a $5.5 billion net worth and ranks among the richest Israelis, built his fortune on tech and fintech companies and also has real estate investments in the United Kingdom and Europe. But in recent years he diversified his portfolio, homing in on South Florida real estate.
He has partnered with Jorge Pérez’s Related Group, as well as Isaac and Liat Toledano’s BH Group, on an ultra-luxury condo project on Fisher Island and the mixed-use Transit Village in downtown West Palm Beach. Sagi and BH also plan a redevelopment of the White House Inn in North Miami.
At Thursday’s event, TRD Publisher Amir Korangy asked Sagi about the planned number of units at Transit Village.
“Actually, I cannot tell you a lot. I have never been there,” Sagi responded, again highlighting that he is Ok with letting BH and Related take the lead on decisions while he remains a passive investor.
Transit Village will consist of three 25-story residential towers with 986 units, combined, and a fourth 25-story tower with a 108-key hotel and 180,000 square feet of offices. Last year, Related, BH and Sagi partnered with Michael Masanoff on the project, giving the long-stalled 10-acre development a boost.
The city gave final approval to the project at 150 Clearwater Drive last year.
On Fisher Island, the trio plan a 50-unit ultra-luxury condo building, launching invitation-only sales last year. The average asking price is $30 million per unit.
The developers “wanted the project to feel exclusive, and Fisher Island is an exclusive island, Sagi said, responding to Korangy’s inquiries about why sales are invitation-only.
The North Miami project is a redevelopment of the closed White House Inn at 2305 Northeast 123rd Street. Sagi, BH and Related together bought the site in 2021 for $11 million, with plans for an $85 million condo building. More recently, Related exited the venture, Sagi said on Thursday, though he and BH plan to pursue the development.
Sagi built most of his fortune through online gambling software development firm Playtech, which he founded in 1999. He started selling his shares in the firm in 2016 after he took it public years prior. His other tech investments include payments company SafeCharge and cybersecurity firm Kape.
His marquee real estate asset is Camden Market in London, though he also owns multifamily properties in Spain. Sagi was introduced to South Florida real estate by Toledano, as the two Israelis met through mutual acquaintances, Sagi previously told TRD. Toledano then introduced Sagi to Pérez.
Sagi’s portfolio also includes co-working spaces Labs in the U.K. Asked at the forum whether he sees expansion opportunities for Labs in the U.S. to fill the void WeWork would leave, Sagi wasn’t too keen on the idea.
“We are only concentrated [in] the U.K. Because fast growth … could be a liability,” he said.
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Still, he didn’t discount the possibility that he would invest in more South Florida projects, specifically citing Palm Beach and Sunny Isles Beach as areas of interest.
Sagi, who also has Cypriot citizenship, has been living in Dubai in recent years with his long-time partner Yael Nizri, a former Miss Israel, and their seven children. And, he told Korangy, he isn’t planning a move to South Florida anytime soon.
“Dubai is an amazing place and also a safe place,” he said.