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Merrimac’s Dev Motwan, Aria’s David Ardit and Merrimac’s Nitin Motwani with rendering of 600 Miami Worldcenter (LinkedIn, Miami Worldcenter)
Aria Development Team and Merrimac Ventures are arranging a new Miami Worldcenter condominium venture right after attaining a redevelopment web page for $17.5 million.
The joint venture obtained the Worldwide Longshoremen’s Association’s former Miami headquarters at 33-55 Northwest Sixth Street for $11 million from the labor union, documents show. Aria and Merrimac also bought an adjoining vacant parcel for $6.5 million from an affiliate of Miami Worldcenter grasp developers Art Falcone and Nitin Motwani, according to a press launch. The assemblages totals 1.2 acres.
A Colliers crew led by Mika Mattingly and Jack Lowell represented Aria and Merrimac, which opened sales for 600 Miami Worldcenter this month. Plans call for a 32-tale tower with about 600 thoroughly furnished units with no limits on short-expression rentals, according to on the web brochures. Charges start off at $395,000 and OneWorld Homes is leading income for the task.
Miami-primarily based Aria, led by principal David Arditi, and Fort Lauderdale-centered Merrimac, led by Nitin and Dev Motwani, purchased the past remaining enhancement internet site accessible in the Miami Worldcenter district, Mattingly mentioned.
Before this calendar year, Merrimac teamed up with The Linked Group to purchase yet another Miami Worldcenter growth web page at 601 North Miami Avenue for $12 million. That partnership intends to develop The Crosby, 33-story, 450-unit condo tower that will also be shorter-phrase rental helpful.
A $4 billion grasp-planned blended-use neighborhood, Miami Worldcenter is attracting genuine estate business heavyweights to make investments in the community. In February, a organization affiliated with WeWork co-founder Adam Neumann scored a $108 million building loan for a web-site at 697 North Miami Avenue that was at first accepted for a 40-tale, 429-unit tower. An adjacent apartment developing known as Caoba is also owned by Neumann.
A thirty day period later, Naftali Group paid $40.5 million for one particular acre at 1016 Northeast Second Avenue exactly where the New York-centered developer ideas to establish a two-tower residential job.
In August, San Antonio-based mostly Lynd Residing obtained a .5-acre advancement web page on Northwest 10th Avenue and North Miami Avenue for $30 million. The property is zoned for a 650-device condominium challenge, but Lynd has not disclosed its formal options for the internet site.
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