North Development has acquired a prime development site in Miami's Edgewater district for 32.8 million dollars. Official property records show that the purchase price has more than quadrupled compared to the previous sale seven years ago.
Significant increase in value along Biscayne Bay
The approximately 0.6-acre site at 2100 North Bayshore Drive is located between the Paramount and Biscayne 21 apartment towers, close to the Biscayne Bay waterfront. In 2019, a partnership comprising TPG Equity REIT, UBS Realty Investors and Mill Creek Residential acquired the property for 8 million dollars.
The substantial increase in value is largely attributable to the evolution of the neighbourhood, which has transformed into a focal point for new residential developments since the pandemic. In 2023, the owner group at the time submitted planning applications for a 31-storey residential tower comprising 275 rental apartments and 363 parking spaces. However, construction work was never commenced, and the plot remains vacant to this day.
Expansion of activities in Miami
North Development is a joint venture between Miami-based Oak Capital, led by Ricardo Dunin, and the Peruvian company Edificia. In the immediate vicinity, Mill Creek Residential had previously completed a 28-storey residential building with 296 units, which is now owned by Flow, the company founded by Adam Neumann.
Since its establishment in 2021, North Development's operational focus has primarily been on the Brickell district. There, the consortium is constructing a 35-storey condo-hotel featuring 579 residential units, having secured 220 million dollars in construction financing in the previous year. A company representative did not initially comment on the latest acquisition.
