Groupe Metropolis is retreating from Florida, just after offloading a advancement web-site in Miami’s Edgewater for $19.2 million. The French firm earlier prepared to construct its to start with job in the U.S. on the .8-acre assemblage.
PR Team Florida, Groupe City’s Miami-dependent subsidiary, marketed the 3 a lot at 423 Northeast 27th Avenue, 426 Northeast 28th Road and 434 Northeast 28th Road to William Ticona, a Lima, Peru-based mostly developer, documents and Vizzda demonstrate. New Wave Financial loans Residential provided Ticona with a $12.1 million mortgage loan.
The sale equates to $601 for every sq. foot.
Jim Agard with Vendome Money, and George Vail with Avison Young, represented the seller. Francesco Canestri with Cervera Actual Estate represented Ticona, who by now has his 1st U.S. job underway at 1825 Northeast Fourth Avenue in Edgewater.
In 2022, Groupe City’s subsidiary paid $14.8 million and $2.4 million for the assemblage, which includes a small-increase apartment complicated, a duplex and three residences, documents clearly show. Paris-dependent Groupe Metropolis, led by Christophe Petit and Julien Ridon, had planned to build a household tower with a “French touch,” Agard stated.
At the time of its buy, PR Team opened its U.S. headquarters in an office environment at 1111 Lincoln Road. But extra than a yr afterwards, Groupe City modified its system and will aim on its assignments in France, Agard mentioned.
“It was only on the market place for a few of months and we been given a number of gives,” Agard explained. “We received a excellent buyer at the right rate.”
Final month, PR Group submitted a web site software with the city of Miami for a 55-tale condominium with 128 units on the advancement web page it just offered, Agard said.
Having said that, Ticona is organizing a unique condominium task, Canestri mentioned. “We have engaged two architects to arrive up with two alternatives,” he explained. “And we will choose the finest just one.”
In Lima, Peru, Ticona qualified prospects Team T&C, a growth agency that has been in business enterprise for a lot more than 20 several years and has 20 assignments in the pipeline in its residence country, Canestri claimed. In February, Grupo T&C plans to start off development of a planned 40-tale significant-increase with about 500 models at 1825 and 1837 Northeast Fourth Avenue in Miami, Canestri reported.
“[Ticona] likes Edgewater, and he is really thrilled about what is taking place there,” Canestri claimed. “The most current acquisition was a terrific option to get started producing a pipeline of projects in this article.”
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The advancement site Ticona procured from PR Team is close to various prepared initiatives, like a 38-tale multifamily setting up by Oak Row Equities and Alex Karakhanian’s Lndmrk Improvement. The joint venture is arranging a 324-device tower on a 1.5-acre web site on the northeast corner of Northeast 29th Avenue and Northeast Fourth Avenue.
Final summer time, New York-based firms SB Progress and Hazelton Money Group introduced product sales for Cove Miami, a prepared 40-tale condominium at 456, 480 and 496 Northeast 29th Road. That challenge is adjacent to the prepared Villa Miami condominium. Terra, Just one Thousand Team and Important Meals Group are co-building the 40-tale Villa Miami higher-increase with 116 units.
