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Hidrock And Robert Finvarb Use Live Local Act To Propose 39-Story Rental In Wynwood

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Another set of developers are shooting their shot to build tall in Miami’s Wynwood neighborhood, using the Live Local Act, a Florida law that grants developers density hikes in return for designating a portion of apartments as workforce housing.

Hidrock Properties and Robert Finvarb Companies together filed plans to build a 39-story building with 336 rental units at 2534 North Miami Avenue, between Northeast 25th and 26th streets. In 2021, New York-based Hidrock Properties purchased the half-acre site for $13 million, according to property records.

In accordance with state law that was passed in 2023, 40 percent of residences will be affordable for people earning no more than 120 percent of the area’s median income. Developers can build up to the height of any building within a one-mile radius if the affordability requirement is met.

According to the proposal, the Arquitectonica-designed project is 21 stories shorter than the maximum height. The 436,934-square-foot development would also house 7,781 square feet of commercial space and 326 parking spots.

The Wynwood Design Review Committee will hear the application July 16. The lawyer representing the joint venture, Brian A. Dombrowski of Greenberg Traurig, did not immediately respond to a request for comment.


Source:  Commercial Observer

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Three More Live Local Act Apartment Towers Proposed In Wynwood

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Developers are seizing on the Live Local Act with plans for five apartment high-rise projects in Wynwood.

The towers, which would range from 18 to 48 stories, promise to alter the look of the Miami neighborhood, where heights for years have been capped at 12 stories.

Three of the proposals were recently revealed. New York-based Hidrock Properties plans a 39-story, 336-unit tower at 2534 North Miami Avenue; Miami Court Holdings proposes a 19-story, 401-unit tower at 2100 Northwest Miami Court; and David Sedaghati’s Ultimate Equity plans a 25-story, 996-unit apartment tower on the southeast corner of Northwest Sixth Avenue and Northwest 26th Street, the Miami Herald reported.

In other proposals, Clara Homes’ preliminary plan is for an 18-story to 20-story building with about 150 apartments on the site of the Austin Burke menswear store at 2601 Northwest Sixth Avenue. Also, Bazbaz Development proposes the tallest tower, a 48-story building with 544 units at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court.

Miami-based Clara Homes is led by James Curnin. Bazbaz, with offices in New York and Miami, is led by Sonny Bazbaz.

The Live Local Act, approved by state lawmakers last year and tweaked this year, incentivizes developers to include affordable and workforce housing in their projects by allowing them to skip public hearings for approvals and build much bigger buildings than local zonings permit. To qualify under the legislation, at least 40 percent of an apartment project’s units must be designated for households earning no more than 120 percent of the area median income. The units have to remain at below-market rents for at least 30 years. Also, under the law, developers can build up to the highest density allowed in a municipality, and up to the tallest height allowed within a mile of the development site.

Critics have raised questions as to whether the state law will truly provide a reprieve to Florida’s affordable housing crisis. At Miami-Dade County’s $79,400 annual area median income, a one-person household can earn up to $95,400 a year to qualify for a unit in a Live Local Act project, according to the Florida Housing Finance Corporation.

Some municipal officials and urban planners also have said the law ultimately lets developers ram through projects that will trump neighborhoods’ low-rise and mid-rise characters.


Source:  The Real Deal

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Miami A&E District Fitness Center Slated For Redevelopment

The owners of a fitness center building in Miami are seeking to rezone the property to foster redevelopment.

The city’s Planning, Zoning and Appeals Board will consider the rezoning application concerning the 0.88-acre site at 1601 N. Miami Ave. on June 14. Located in the Arts & Entertainment District, it currently has a 17,616-square-foot fitness center leased to Elev8tion Fitness.

In 2022, the property was acquired for $19 million by 1601 N. Miami Property LLC, a joint venture between New York-based Hidrock Properties and Miami-based LNDMRK Properties.

The property owners want to change the zoning from T6-24A-O to T6-24B-O. This would increase the maximum floor plate size of a building there, although the permitted height and density would remain the same.

The preliminary plans are for 430 apartments and 15,000 to 20,000 square feet of commercial space on the ground level in about 48 stories.


Source:  SFBJ

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JV Proposes 10-Story, 115-Key Hotel In Wynwood

Robert Finvarb Companies and Hidrock Properties are planning a 115-room branded hotel in Miami’s Wynwood, marking the joint venture’s third project in the artsy neighborhood.

An affiliate of Aventura-based Robert Finvarb and New York-based Hidrock bought a 0.2-acre site at 160 Northwest 28th Street for $6.7 million, records show. The seller, an entity managed by Maxmillian Beltrame Widmann in Miami, had paid $3 million for the vacant lot in 2016.

The proposed 10-story hotel will cost an estimated $20 million to build, said Hidrock CEO Abraham “Abie” Hidary.

“We are in the very early stages of planning it,” Hidary said. “There will be three food and beverage components on the ground-floor, the second floor and the rooftop.” 

The joint venture has not yet identified the brand for the hotel, Hidary added.

Hotels represent the next wave of development in Wynwood, Hidary said. The neighborhood’s first hotel, the 217-key Arlo Wynwood at 2217 Northwest Miami Court, built by Quadrum Global, was completed last year. A partnership involving Andres Klein, founder and principal of BH Investment Group, is developing One Eleven Wynwood Hotel by Sonder, a proposed 72-room project at 111 Northwest 26th Street. And in December, Aventura-based Turnberry Associates unveiled plans to build a mixed-use hotel project at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street. Last year, Turnberry paid $13.1 million for the properties.


Source:  The Real Deal

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Texas Restaurant Group Inks First Deal In Wynwood

Clé Group is opening a restaurant in Wynwood — the Houston-based hospitality company’s first expansion beyond Texas as out-of-state operators continue to migrate to Florida.

The company inked a 10-year lease for the building at 2600-2610 North Miami Avenue, Hidrock Properties’ Steven Hidary said. Clé will lease the entire space, nearly 14,000 square feet, where it will open Kiss restaurant. Hidrock and Robert Finvarb Companies own the property.

Clé, whose partners were eyeing spaces in Brickell, Miami Beach and Wynwood, narrowed their choices down to about 5 locations before landing on Wynwood, partner Zack Truesdell said. Kiss Miami could open in 14 to 18 months, depending on permitting. Truesdell said that the company is working with a local architecture and design firm to design the space, and has local investment partners he declined to name.

In Texas, Clé, which is also expanding into Dallas, has three nightclubs, two restaurants and three concepts under construction.

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Wynwood Building Sold To New York Company For $689 PSF

A two-story building in Miami’s Wynwood Arts District sold for $13 million.

The 18,870-square-foot commercial/office building at 2534 N. Miami Ave. and 26 N.W. 26th St. was sold by 2534 Morse LLC, managed by Jonathan A. Bernstein in Palm Beach Gardens.

The buyer was 2534 N Miami Associates LLC, managed by Eddie Hidary as chief investment officer of New York-based Hidrock Properties. Metropolitan Commercial Bank awarded a $8.06 million mortgage to the buyer.

The price equated to $689 per square foot. It last sold for $10.8 million in 2015.

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