JV to Develop $85M Residential Community on North Miami Waterfront
Billionaire real estate mogul Teddy Sagi, Related Group and BH Group are planning a $85-million redevelopment of a waterfront site in North Miami as a luxury residential community.
The partnership is teaming up to acquire the site of the former White House Inn on 123rd Street, which sits at the eastern entrance to North Miami.
The developers look to deliver a luxurious and highly exclusive community that will set a new residential standard for the neighborhood.
“This is one of those rare bayfront sites that’s gone underutilized for far too long,” said Jon Paul Pérez, president of Related Group. “Through this partnership, we will revitalize the parcel and give North Miami the entrance it deserves.”
The group recently closed on an investment within the planned Transit Village project in downtown West Palm Beach, FL, and continues to search for opportunities together throughout South Florida.
- ◦Development