Aria Development Group and Merrimac Ventures are planning a new Miami Worldcenter condominium project after acquiring a redevelopment site for $17.5 million.
The joint venture acquired the International Longshoremen’s Association’s former Miami headquarters at 33-55 Northwest Sixth Street for $11 million from the labor union, records show. Aria and Merrimac also bought an adjoining vacant parcel for $6.5 million from an affiliate of Miami Worldcenter master developers Art Falcone and Nitin Motwani, according to a press release. The assemblages totals 1.2 acres.
A Colliers team led by Mika Mattingly and Jack Lowell represented Aria and Merrimac, which opened sales for 600 Miami Worldcenter this month. Plans call for a 32-story tower with roughly 600 fully furnished units with no restrictions on short-term rentals, according to online brochures. Prices start at $395,000 and OneWorld Properties is leading sales for the project.
Miami-based Aria, led by principal David Arditi, and Fort Lauderdale-based Merrimac, led by Nitin and Dev Motwani, bought the last remaining development site available in the Miami Worldcenter district, Mattingly said.
Earlier this year, Merrimac teamed up with The Related Group to buy another Miami Worldcenter development site at 601 North Miami Avenue for $12 million. That partnership intends to build The Crosby, 33-story, 450-unit condo tower that will also be short-term rental friendly.
A $4 billion master-planned mixed-use community, Miami Worldcenter is attracting real estate industry heavyweights to invest in the neighborhood. In February, a company affiliated with WeWork co-founder Adam Neumann scored a $108 million construction loan for a site at 697 North Miami Avenue that was initially approved for a 40-story, 429-unit tower. An adjacent apartment building called Caoba is also owned by Neumann.
A month later, Naftali Group paid $40.5 million for one acre at 1016 Northeast Second Avenue where the New York-based developer plans to build a two-tower residential project.
In August, San Antonio-based Lynd Living acquired a .5-acre development site on Northwest 10th Street and North Miami Avenue for $30 million. The property is zoned for a 650-unit apartment project, but Lynd has not disclosed its formal plans for the site.
Article By Francisco Alvarado