William Ticona bought a residential development site in Edgewater for $15.1 million, advancing his plans to expand his real estate empire from Peru to Miami.
Ticona, who leads Lima-based Grupo T&C, scooped up the 0.8-acre vacant property at 404, 412, 416, 420, 432 and 436 Northeast, according to his broker. The seller was G&L Associates at 35th Street, an entity led by Nicolas Guzman, Rodrigo Meyer and Francisco Silva, records show.
Ignacio Gonzalez-Arias of One Sotheby’s International Realty and The Grand Lion Real Estate Group represented Ticona. Ryan Shaw of Marcus & Millichap represented the seller.
The site, known as The Vina, is zoned for a 36-story tower with either 124 residential units or 248 hotel rooms, according to a Marcus & Millichap news release.
Ticona will likely develop a luxury residential building, though he hasn’t finalized plans, including whether the units would be condos or apartments, Gonzalez-Arias said.
Elsewhere in Edgewater, Ticona is betting on the lack of short-term rental-friendly condo projects in the neighborhood. In April, he submitted a proposal for a 60-story, 592-unit short-term rental-friendly condo at 1825 and 1837 Northeast Fourth Avenue, next to the Quantum on the Bay and Aria on the Bay condominiums.
Ticona also owns a 0.8-acre assemblage on Northeast Fourth Avenue between Northeast 27th and 28th streets, which he purchased for $19.2 million in February.
Grupo T&C, which has developed more than a dozen condominiums in Lima, was poised to expand in Edgewater in 2020. But Ticona put those plans on hold to remain focused on Lima, after an expected political upheaval in Peru didn’t pan out.
“The [Miami] market has become more stable, sustainable and one of the most desirable in the world,” Ticona told The Real Deal this year. “And I have a desire to grow my development firm and achieve new heights.”
Edgewater, historically home to single-family homes and low-rise apartment buildings, became a magnet for developers more than a decade ago, transforming the neighborhood into a canyon of residential towers.
Projects on tap include Aimco’s 38-story, 114-unit apartment tower at 560-640 Northeast 34th Street. Also, Vertical Developments and Urban Network Capital Group plan a 25-story, 180-unit condo-hotel branded by the Elle fashion and media company. Elle Residences Miami will rise at 3618 Northeast Fifth Avenue.