A group of developers are scrapping plans for a mixed-use tower in Miami’s Edgewater and are listing the site with an asking price of $32 million.
Karl-Ulrich Ansorg, Yakov Elbaz, Ofir Gabriel and Amit Kort retained Michael Hinton with Lee & Associates to market the 0.8-acre assemblage at 3350 Biscayne Boulevard and 234-264 Northeast 34th Street, a press release states.
In a text message, Kort told The Real Deal that the partnership decided to sell the site because one of the partners “needs the money.” He declined to identify which partner.
The quartet acquired the six-parcel site for $16.5 million in 2022, records show. A year later, the four partners’ entity, Tulip Developments Group, obtained city of Miami approval for the 44-story Kobi Karp-designed project, which would have entailed 172 condos atop 100,000 square feet of offices, 10,000 square feet of retail and a 420-space garage.
However, Tulip Developments is now seeking an increase in density under Florida’s Live Local Act that would allow for a slightly taller building with apartments, the release states. If approved, a potential new owner could build a 47-story tower with a mix of 499 luxury and workforce housing rental units.
In order to obtain the higher density, developers must make 40 percent of a project’s apartments available to households earning up to 120 percent of the area median income.
The scrapped 44-story tower would have been the first high-rise development in South Florida for the four partners.
Kort develops luxury waterfront houses in Golden Beach and Surfside. Elbaz is a hotel and condo developer in Thailand whose projects include the Centara Grand Residence, Royal Tulip Suites and the Royal Park 2 Condominium @ Soi Rangnam, according to real estate listing website Thailand-Property.com. Gabriel, who leads Miami-based logistics firm goTRG, was a Toronto homebuilder.
And Ansorg leads Berlin-based Ansorg Development, which he founded in 1992. The firm’s projects, primarily in Germany, the Netherlands and Switzerland, have a combined worth of 442 million euros ($430 million), according to Ansorg Development’s website.
The development site is across the street from another large Edgewater assemblage. Last year, Brooklyn-based Beitel Group listed 12 lots spanning 3 acres, including a shuttered Wendy’s restaurant at 3333 Biscayne Boulevard, for $75 million.
But Ben Beitel, the firm’s CEO, insisted the listing was only done to gauge the market, and that Beitel Group still intends to develop the site into a three-tower, mixed-use project.
