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Israeli Company Closes On Downtown Garage For $18M, Hires Kobi Karp To Design Mixed-Use Project

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Israel’s Mishorim Development Group is preparing to develop a mixed-use project after closing on the purchase of a parking garage.

Mishorim paid $18,250,000 for the Suntrust Annex garage. Crocker Partners was the seller. Real estate broker Shai Ben Ami represented Mishorim in the transaction. Mishorim, has holdings in Israel, the U.S. and Canada, and is led by CEO Gil Blutrich.

According to Ben Ami, Mishorim has retained the services of Kobi Karp to design a mixed-use project for the site. It will include hotel, residential, and “great retail.” The 247,000-square-foot garage, located at 255 Northeast First Street, is situated on a 37,500-square foot lot.

The property is across from the Yotel development site, and a block and a half away from the Waldorf Astoria development site. Buildable square footage for the Mishorim site totals 1.35 million square feet, which includes zoning for 860 residential units.

Blutrich and Ben Ami also own the 4,350-square-foot retail space at the 37-story Centro tower nearby. They secured two leases for that space five months after purchasing it at $75.00 per square foot, which is believed to be among the highest retail rents for Downtown Miami.

 

Source: The Next Miami

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Related Group And Allen Morris Propose Coral Gables City Center

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Related Group and The Allen Morris Company are proposing a $250 million project to replace city-owned parking garages at 245 and 345 Andalusia Avenue in Coral Gables.

The project, called Coral Gables City Center, would have two 16-story towers and could be built in phases.

TOWER 1:

  • 140,000 square feet of office space
  • 11,871 square feet of ground-floor retail
  • 770 parking spaces

TOWER 2:

  • 270 residential units (either rental or condo)
  • 16,878 square feet of ground-floor retail
  • 799 parking spaces

Zyscovich is the architect. Related and Allen Morris are competing against another bid from ZOM and Terranova. Both were the finalists selected out of five bidders for the property, and the city commission will vote later this month.

 

Source: The Next Miami

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