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N MIAMI CONDO NEWS — All About Condo Living in the Magic City — Edited by Heinz Dinter, PhD |
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Young developer bets millions
Jeremy Green, 32, is buying the parcel pinched between Southeast 2nd Street and the Metromover line for nearly double the price paid less than two years ago, in a bid to turn it into office towers. It’s part of a development spree by Green that includes four condominium projects in Miami’s Design District and two recently purchased downtown Miami properties for future office projects. The move doesn’t put Green in the league of South Florida’s biggest developers. But it does represent a significant — and risky — foray into Miami’s crowded and pricey real estate market at a time when many experienced developers are buckling down to build existing projects rather than branching out into new ones. Green is betting he sees things other eyes have missed. He’s zooming in on residential development in Miami’s Design District because the new construction there so far has been largely commercial. He’s keen on downtown Miami office development because construction there is largely condos, shops and restaurants. “We are strategically bullish,” said Green. “We are focused on the long term in neighborhoods which are poised for growth. We are not focused on Miami broadly speaking.” Green has also launched sales of condo units at the 18-story Casa, designed by Miami architect Chad Oppenheim on 90 Northeast 41st Street in the Design District. The developer said he’s finalizing terms on a general contractor this week and hopes to break ground in the next two months. He plans to follow with a 22-story condo called Cube at 60 NE 41st Street, a condo and office project at 3814 NE Miami Court called Cor, and 21 town homes called Canvas at 4200 North Miami Avenue. “Jeremy’s plans are very positive,” said developer Craig Robins, president of Dacra and the Design District’s biggest landowner. “We want more residents to come in and make it a 24-hour neighborhood.” Green asserts his financial backers — Eli Weinstein and Michael Gindi of a New Jersey-based real estate investment firm, Pine Projects — are in it for the long haul. And the young builder says he’s making up for his inexperience by hiring veteran managers. Green’s $46.5 million deal comes with architectural plans, approved by the city, for an office, condo and hotel project called Lynx. Illustrating how land prices have soared, Nino’s group agreed to buy it for $24 million in 2004. In 2003, it sold for $8.8 million. Source: www.MiamiHerald.com.
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March
15, 2006
• A developer is paying a bold $46.5 million for the two-acre parking lot
just west of Miami’s Bank of America Tower at International Place. But
perhaps even more surprising: He’s never constructed a building before.