Miami River District Development Site Goes On The Block

Hyatt and Gencom's Three-Tower Development On The Miami River

A 1.2-acre development site on the Miami River owned by Babba Joshua Yesharim is on the market for $26 million.

The adjacent lots at 678, 700, 710 and 720 Northwest North River Drive in Miami allow for a project rising up to four stories and with 44 units maximum, according to listing broker Virgilio Fernandez. A townhouse or condominium development could be suitable for the assemblage, which is called The River Line and is in the largely residential Spring Garden Historic District. Fernandez is marketing the land with Mitash Kripalani, both of Colliers.

If the parcel sells for its asking price, it would mark a nearly fivefold gain for Yesharim, a longtime investor in riverside properties. He assembled the land for a combined $5.4 million, paying $1.2 million for one lot in 2015 and the balance for the other three lots in 2021, property records show.

But Yesharim says he isn’t listing the site only because of the potential profit he could reap.

The investor, who got into the field in the early 2000s, has holdings in the Miami River District and across Florida. But he has never built a project of his own.

“I am not listing it because I want to make 5x,” he said. “I want the area to continue to grow … This site is a very special site and it needs to get into experienced developers’ hands where they can build a world-class project.” 

Source:  The Real Deal