North Miami Beach hopes to have its own mixed-use downtown district that supports transit and walkability.
The city passed land-use amendments last year, establishing a masterplan that encourages intense development around 163rd Street.
One company that hopes to take advantage is CK Prive Group, which has purchased several properties, including the Dean’s Gold site.
CK PRIVE GROUP ACQUIRES ANOTHER COVETED LAND PARCEL IN NORTH MIAMI BEACH
Property to be developed as a 400-unit, multi-family project
MIAMI (Jan. 28, 2016) – CK Prive Group ─ a joint-venture partnership between real estate investment and development firms Prive Land Banking and CK Holding Group ─ announced today that it has completed the purchase of a 1.96-acre parcel at 2261 NE 164th St. in North Miami Beach, Florida, which closed on January 26. The transaction price was not disclosed.
The property is situated in a prime location near major thoroughfares directly off of Biscayne Boulevard, in close proximity to I-95. It is also just blocks from Aventura Mall, Florida’s largest conventional shopping mall, and Florida International University’s Biscayne Bay Campus.
Future plans for the property include the development of a mixed-use, multifamily project comprised of approximately 400 rental units and ground-floor retail in an urban, lifestyle setting.
“This purchase is an important step toward delivering additional residential and retail offerings in the growing Aventura sub-market, one of the most desirable locations in Miami for both living and working,” said Javier Rabinovich, CEO of Prive Land Banking. “The property will satisfy the increasing demand to generate new activity in Aventura/North Miami Beach, and we look forward to introducing the development plans in the near future.”
The acquisition occurs on the heels of other notable transactions completed by CK Prive Group. In September, the partnership purchased a prominent property, currently the location of Dean’s Gold, on the corner of 163rd Street and Biscayne Boulevard in Aventura for $23.5 million. They additionally closed on an adjacent 1.8-acre parking lot for $12.7 million in October. CK Prive Group plans to redevelop the combined sites into a mixed-use project.
The team is also developing the nearby Arquitectonica-designed Forum Aventura, a progressive, “Class A,” 12-story office-condo tower at 19790 West Dixie Highway. To encompass 95,000 square feet of space with ground-floor retail and a rooftop terrace, sales for Forum Aventura launched earlier this month.