Joseph and Meyer Chetrit, along with local partner Ari Pearl, paid $97.5 million for the property where the 1,749-unit Miami Riverwalk project is planned, according to a broker involved with the sale.
UBS Real Estate Securities issued a $55 million mortgage on the property, county records show. The mortgage matures on August 9, 2015 and can be increased up to an amount of $110 million under future advances.
In sum, the sale included less than 7 acres of land. However, the buyers are said to be seeking a Special Area Plan under the Miami 21 zoning code, which requires a minimum of nine acres, by incorporating the adjacent Jose Marti Park.
Previously: Chetrit Group’s Plan For River Walk Megaproject In Brickell
Chetrit Closes On Brickell Land For 1,749 Unit Miami Riverwalk
