Oak Row and Lndmrk make payment of $23M for Edgewater dev site
Oak Row Equities and Lndmrk Development are embarking on another Edgewater joint venture, snapping up a 1.5-acre site for $22.5 million in the booming Miami neighborhood.
The joint venture is proposing to build a luxury apartment tower with ground-floor retail, but the partnership is still fleshing out the development plans, Oak Row’s co-founder Erik Rutter and Lndmrk’s Alex Karakhanian told The Real Deal.
“We firmly believe in Edgewater,” Rutter said. “This marks our second acquisition in Edgewater, and we are working on finding more in the neighborhood.”
Oak Row and Lndmrk acquired 10 vacant lots, a three-bedroom single-family house and an 18-unit apartment building on Northeast Fourth Avenue between 29th Street and 29th Terrace, about a block east of Biscayne Boulevard. The house and the building were completed in 1924, records show.
Stefano Santoro with Disruptive Real Estate represented Lndmrk. Keiti Silva with RE/MAX 360 Real Estate and Andrea Dalessio with The Inspirata Group represented the seller, an entity with ties to DLC Capital Management, the Miami Beach family office of David and Leila Centner.
The Centners founded Centner Academy, a controversial Miami private school that’s generated headlines in recent years due to the owners’ strong anti-vaccine stances. DLC Capital bought the Edgewater properties for a combined $17.2 million in 2019, records show.
The same year, the Centners bought a Wynwood charter school site for $12.8 million. This month, they sold another Edgewater development site, a 1-acre assemblage at 234-264 Northeast 34th Street, for $16.5 million to an investment group. Karl-Ulrich Ansorg, Yakov Elbaz, Ofir Gabriel and Amit Kort plan a 44-story mixed-use tower with condominiums.
In July, Oak Row, formerly known as Carpe Real Estate Partners, and Lndmrk bought a 2-acre development site in Edgewater at Northeast 26th Street between Biscayne Boulevard and Northeast Second Avenue for $35 million. The partnership plans to build a 40-story apartment and office tower on that assemblage.
“We look at [properties] with Lndmrk all the time,” Rutter said. “Alex invested in our Biscayne Boulevard [project.] While we were looking at that, we started to discuss finding additional sites in the neighborhood.”
Karakhanian said the assemblage acquired from the Centners will allow Oak Row and Lndmrk to develop a building that will have unobstructed views of Biscayne Bay. “This is one of the last 1.5-acre sites in Edgewater that has bay views,” Karakhanian said. “It is not 100 percent fleshed out yet. We are still working on the design and orientation of the building and unit layouts.”
Under the current zoning, Oak Row and Lndmrk could develop a 36-story building spanning 860,000 square feet, but could go up to 60 stories and 1.1 million square feet by providing public benefits to the city of Miami, according to an offering. Karakhanian said the site is approved for up to 324 residential units.
Santoro said he came across the assemblage while going over properties Silva is listing for another client looking for hotel sites. “This site was a better fit for Alex,” Santoro said. “I called him and he immediately jumped on it.”