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Old Posted Sep 25, 2019, 1:24 AM
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MIAMI | 225 North Miami Avenue | 400 FT | 40 FLOORS

Miami’s biggest condo developer is going micro

Quote:
The Magic City’s biggest condo builder is going small on its next project.

The Related Group is planning to build micro condos on a downtown Miami site it recently closed on, The Real Deal has learned. The Miami-based developer is planning to build a roughly 400-foot tower with about 350 units, Jon Paul Pérez, a vice president at the firm, said.

Related plans to develop the site as part of a joint venture with ROVR Development, led by Oscar Rodriguez and Ricardo Vadia. Both previously worked at Related.

Property records show Parcel C LLC, tied to Related, paid $8.8 million for the two lots at 225 and 233 North Miami Avenue, which total 15,000 square feet of land. The LLC also scored $3 million in seller financing.

Pérez, whose father Jorge Pérez is chairman and CEO of Related, said the project is in the planning stages. He expects to get site plan approval in about 45 days. Related has a deal with the Miami Parking Authority across the street to provide parking, Pérez said.

Units would have less than 700 square feet on average and range from about $250,000 to $500,000. The project would offer some sort of hotel or leaseback program, although Pérez said Related is still working out the details.
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