North Development Buys Miami Site For $33M

North Development bought a development site in Miami’s Edgewater neighborhood for $32.8 million, more than quadrupling the price it fetched seven years ago, property records show. 

The 0.6-acre site at 2100 North Bayshore Drive sits between the Paramount and Biscayne 21 condo buildings, near Biscayne Bay’s waterfront. North Development is a joint venture between Ricardo Dunin’s Miami-based Oak Capital and Peru’s Edificia. 

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A partnership among TPG Equity REIT, UBS Realty Investors⁠ and Mill Creek Residential⁠ had purchased the parcel for $8 million in 2019. The appreciation is likely due to the transformation of the neighborhood, which since the COVID pandemic has become a hotbed of residential development.

In 2023, the partnership filed plans to build a 31-story rental tower with 275 apartments and a 363-spot parking garage. But construction never got underway, and the site remains vacant today. 

Boca Raton-based Mill Creek Residential had built the neighboring 296-unit, 28-story rental building, which Adam Neumann’s Flow now owns. 

Since launching in 2021, North Development has focused on Brickell, where it is building a 35-story, 579-unit condo-hotel after landing $220 million in construction financing last year. 

A representative for the firm did not immediately provide comment.

Julia Echikson can be reached at jechikson@commercialobserver.com. 

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.