Israel’s Mishorim Development Group is preparing to develop a mixed-use project after closing on the purchase of a parking garage.
Mishorim paid $18,250,000 for the Suntrust Annex garage. Crocker Partners was the seller.
Real estate broker Shai Ben Ami represented Mishorim in the transaction. Mishorim, has holdings in Israel, the U.S. and Canada, and is led by CEO Gil Blutrich.
According to Ben Ami, Mishorim has retained the services of Kobi Karp to design a mixed-use project for the site. It will include hotel, residential, and “great retail.”
The 247,000-square-foot garage, located at 255 Northeast First Street, is situated on a 37,500-square foot lot. The property is across from the Yotel development site, and a block and a half away from the Waldorf Astoria development site.
Buildable square footage for the Mishorim site totals 1.35 million square feet, which includes zoning for 860 residential units.
Blutrich and Ben Ami also own the 4,350-square-foot retail space at the 37-story Centro tower nearby. They secured two leases for that space five months after purchasing it at $75.00 per square foot, which is believed to be among the highest retail rents for Downtown Miami.