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bobliocatt

IN PROGRESS: Midtown Miami

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BY MATTHEW HAGGMAN

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Three months after plunking down $130 million for 14 properties in Miami, a New York-Israeli development partnership continues to add to its local holdings. Leviev and Boymelgreen Developers has paid $17.95 million for a 3.5-acre parcel in Miami's Edgewater neighborhood.

The developers plan to construct a 45-story condominium and refurbish a 10-floor office building already on the property. The project, at 3050 Biscayne Blvd., will be located across the street from the massive Midtown Miami mixed-use project in the 56-acre former Buena Vista railroad yard.

Leviev and Boymelgreen Developers, initially called Africa-Israel Boymelgreen, made a big splash in July when it announced the purchase of more than a dozen properties and plans to invest upwards of $1 billion in and around Miami.

The Tel Aviv-based multinational Africa-Israel Investments and Brooklyn developer Shaya Boymelgreen constitute the development partnership. Lev Leviev is the chairman of Africa-Israel, a holding company with business interests ranging from construction and hotels to energy.

Leviev and Boymelgreen have been looking for -- and buying -- additional area properties, including this one between Northeast 30th and 32nd streets on Biscayne Boulevard. The deal closed last week. Edie Laquer of Laquer Corporate Realty and Peter Andolina of Andolina Real Estate brokered the sale.

The project is slated to have 40,000 square feet of ground floor retail space, a six-floor garage and 425,000 square feet of residential space, said Mark Armstrong, Leviev and Boymelgreen's director of construction. The developer plans to reflag the property 3100 Biscayne.

Unit prices have not been determined yet. The company plans to market units in the first quarter of next year, and to break ground in the second or third quarter.

The already-existing office tower, which has 100,000 square feet of space, will be renovated. Leviev and Boymelgreen, currently housed in offices at 444 Brickell, is considering headquartering itself in the building.

The 3100 Biscayne development, coupled with the enormous Midtown Miami project, likely will transform the entire Edgewater and Wynwood neighborhoods.

For Midtown Miami, developer Midtown Group in Miami plans to build eight condo towers, one office tower and 220,000 square feet of retail space on 36 acres of the former railroad yard. Diversified Developers Realty in Ohio plans 600,000 square feet of retail space on 20 acres.

Midtown Group principal Daniel Pfeffer said the firm plans to begin construction on their first condo tower this week.

Since bursting onto the Miami real estate scene in July, Leviev and Boymelgreen have announced plans to build a 60-story high-rise condo tower along Biscayne Boulevard across from Bicentennial Park on the site of a former Howard Johnson's adjacent to Interstate 395.

It also has announced plans to build a condo tower at the corner of Fifth Avenue and Alton Road in Miami Beach, refurbish a 10-floor Meridian Avenue office building and convert it into office condos, and construct a parking garage near the unfinished Performing Arts Center.

Armstrong commented only on the 3100 Biscayne development project.

''We have plans to bring to the market several landmark project both on the Miami and Miami Beach side,'' Armstrong said.

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You beat me to this one.

These guys are really serious.

Amazing.

Miami's skyline will really start to sprawl in the next 5 years.

From Coral Gables through Coral Way to Brickell, Downtown, Omni, Midtown, Design District...

I just hope it all gets filled and we get these tranist alternatives going.

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^That looks like some office building from a comic book.  I bet there's an exact replica of it at Marvel Super Hero Island at Universal Orlando, lol.

<{POST_SNAPBACK}>

Not quiet, but some of those buildings would look good in real size. :P

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MIDTOWN GOES UP

Construction is underway on Two Midtown, the first residential tower of Midtown Miami.

The $2.3 billion urban community broke ground in late December. The 29-story high-rise is the first of eight residential towers planned for the development, set for completion in early 2006.

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This really is great land use. I can't believe that we used to have empty fields and rail yards in the eastern, dense part of the county. This project will be great for the area!

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It will be nice to see how this area interacts w/ Miami Art District.

Midtown is really turning that area into prime real estate once again.

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MIDTOWN MIAMI UPDATE

Midtown is starting to rise!

Northwest corner of property. Look at all the steel (is this really Miami?):

midtownnw1sx.jpg

Northeast corner

midtownne7uv.jpg

midtownsite29re.jpg

the Blue tower is in the background

midtownsite31ox.jpg

Downtown Miami about 30 blocks away

midtowndtskyline6mi.jpg

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Thanks!

There are 2 Metrorail stations each about 3 miles away. Not exactly walking distance, however, the project is going to run smack-dab through the middle of this construction site, connecting the Midtown area (Edgewater) with downtown Miami.

The Midtown project is situated between the loop at the top and the sharp bend.

streetcarmap5cz.jpg

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