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A Developer Talks Miami River, Market Challenges, And His Project, One River Point

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Despite the condo market slowdown, developer Shahab Karmely is confident his project and the Miami River are poised for big growth.

Click photo to view video of Shahab Karmely discussing the Miami River and One River Point at the TRD Broward Showcase and Forum panel by TRD’s Alistair Gardiner

In a post-panel interview, Karmely and The Real Deal South Florida’s Managing Editor Ina Cordle discussed One River Point and the river at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April.

Presales at One River Point are about to pass the 18 percent to 20 percent mark. Buyers there are mostly from South America, but also from Georgia, New York and Canada.

“We have headwinds – not us, just everybody else,” Karmely said. “On the other hand, we are financially very secure. We have no financing.”

The Real Deal previously reported that Karmely’s silent partner is Daniel Loeb, the billionaire investor who runs one of the most prominent activist hedge funds, Third Point LLC. Karmely’s KAR Properties has spent more than $112 million on acquisitions along the River, in Wynwood and in Hallandale Beach since 2013, and more on pre-develoment costs.

Karmely was part of a panel discussion on the economics of new development amid a new administration and continuing global market fluctuation.

To watch the panel in full, click here.

 

Source: The Real Deal

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Sixty-Nine-Story Condo Proposed On Miami Site That Sold For $125M

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The Argentine investor who made international headlines in 2014 when he paid $125 million for 1.25 acres along the Miami River has filed plans to build a 69-story condo tower there.

This 69-story condo is proposed at 300 Biscayne Boulevard Way in Miami

This 69-story condo is proposed at 300 Biscayne Boulevard Way in Miami

Riverwalk East Developments, led by German Coto and Gloria Coto from a family that owns a supermarket chain in Argentina, wants to build the project at 300 Biscayne Boulevard Way. Tentatively named Epic 2, it would have 384 condos in 1.09 million square feet and 561 parking spaces. When combining the condos with the parking and other amenities, the tower would total 1.64 million square feet.

The sail-shaped tower would be topped with a lighthouse feature. It would have an open-air pool deck on the 55th floor, plus a gym and sky lobby.

The Miami River Commission’s Urban Infill Committee recently approved the Epic 2 project with conditions, namely that its new public riverwalk be widened to 15 feet from 12 feet. The riverwalk would allow people to walk from Bayfront Park to Brickell along the mouth of the Miami River.

“This is probably the most desirable location for the public to enjoy the river and the bay at the same time,” MRC Chairman Horacio Stuart Aguirre said. “That river walk will be one of the most desired locations for early morning and later afternoon strolls to take in the fresh air and enjoy the view.”

The condo at 300 Biscayne Boulevard Way in Miami would have 384 units,

The condo at 300 Biscayne Boulevard Way in Miami would have 384 units,

Aguirre said the building’s design is architecturally appealing, although it would need extra-strong structural support to handle hurricane winds because it appears narrow. He expects the project to receive the recommendation of the full MRC board in about three weeks. The project would also require city approval for its design. The density falls within the property’s current zoning.

The bigger question is whether the Miami condo market can handle another project where unit prices are expected to average more than $1.5 million. Sales to the foreign buyers that fuel the market have slowed down in recent months, and several experienced developers have decided not to launch sales for new projects until the market picks up. On the Miami River, Kar Properties’ One River Point and a project by the Chetrit Group are already competing for high-end buyers. However, the Epic 2 site is further east along Biscayne Bay, while those two are upriver.

 

Source: SFBJ

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